LYNN ARENDS LAW GROUP PLLC
LYNN ARENDS REALTY GROUP
323 1st Ave W, Seattle, WA 98119 :: Office: 206.282.4848 :: Fax: 206.984.4424
Create an Account
Creating an Account allows you greater access to additional home search features. Click Login below to begin.
Click Here to Log In

MERRY XMAS FROM FREDDIE MAC!

Posted on December 7, 2010

Freddie Mac announced Wednesday it will suspend foreclosure evictions from December 20th through January 3rd. This is the third straight year Freddie Mac has suspended evictions during the holiday season. (This move only applies to those homes that have mortgages backed or guaranteed by Freddie Mac).  Sibling company, Fannie Mae, also won't evict people over the holidays, but that has not yet been announced via news release regarding their upcoming suspension of holiday foreclosures. Fannie Mae and Freddie Mac purchase home loans from lenders and package them into bonds with a guarantee against default and sell them to investors. Today they own or guarantee about half of all U.S mortgages.

So Happy Holidays from Fannie and Freddie!

However, did you know...
 
According to RealtyTrac, foreclosure homes accounted for 25% of all U.S. residential sales in the third quarter of 2010 and the average sale price of properties that sold while in some stage of foreclosure was more than 32% below the average sales price of properties not in the foreclosure process--up from a 26% discount in the previous quarter and a 29% discount in the third quarter of 2009.

·         REO's sold for an average discount of nearly 41% and accounted for 15% of all sales in the third quarter.

·         Pre-foreclosure sales, which are often short sales, sold for an average discount of 19% and accounted for nearly 10% of all sales.

Looking at those statistics, it makes you wonder why investors Fannie and Freddie seem so eager to foreclose.

But at least for the Holidays...Merry Christmas!

For more information and foreclosure statistics visit--www.RealtyTrac.com.

Post a Comment on "MERRY XMAS FROM FREDDIE MAC!"
Name
Email
Website
Comment
 
323 1st Ave W, Seattle, WA 98119 :: Office: 206.282.4848 :: Fax: 206.984.4424
©2017 GraphicalData, Inc.   Site Map