Hamilton Mill Dacula Ga – Home UPdate – Press release-
So it seems Fannie Mae is doing all it can to unload its massive quantities of REO inventory. When I say massive, I mean the 129,310 single family bank-owned properties — or REOs, as they’re called — it held at the end of Q2, which is more than twice what it was carrying at the end of Q2 2009. As I noted in a Tweet yesterday, every time home prices drop just 1%, the value of all government-sponsored enterprise (GSE) REOs fall by $287 million. No surprise, then that Fannie would want to get rid of its REO as fast as possible, especially as we saw bank repossessions hit a new record in August and home prices are again weakening. How does Fannie do it? It’s renewing an expired program that gives buyers of its REOs ‘3.5% of the final sales price that can be used toward closing cost assistance, including a home warranty.’ And if that’s not enough, Fannie is now getting those crash-weary real estate agents on its side as well. ‘Selling agents representing owner-occupants will receive a $1,500 bonus.’ Nice. The offer runs from Sept. 23, ‘and must close by December 31, 2010,’ so this is a pretty short deal.
‘We continue to look for ways to stabilize neighborhoods and offer incentives to qualified buyers who will occupy these properties over the long-term and help support their communities,’ writes Terry Edwards, Executive VP of Fannie’s Credit Portfolio Management in the press release. So let’s just do a little more math…in the first half of 2010 Fannie sold around 87,000 REOs. If it sells half that, because it’s three months not six, then Fannie will be paying out a little over $65 million just to real estate agents, not to mention the assistance back to the buyers in the 3.5% back. I’m thinking Fannie is really worried about rising REO inventory.
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