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Fannie & Freddie Report 27% Increase in Short Sales and Deeds In Lieu

By Kathryn Bovard

The Federal Housing Finance Agency (FHFA) just released its’ Second Quarter 2010 Foreclosure Prevention & Refinance Report.

This FHFA_Q2_Report contains data on foreclosure prevention activity, refinance and the Making Home Affordable (MHA) program activity of the GSEs (Government Sponsored Enterprises) – better know as Fannie Mae and Freddie Mac – through June 2010.  FHFA,  which regulates Fannie and Freddie, stated that the GSEs are continuing to utilize these foreclosure alternatives “to reduce foreclosure-related costs and to minimize the impact of foreclosures on borrowers, communities, and neighborhoods.”

Here are some specifics about Short Sales and Deed in Lieu of foreclosure activities for Fannie Mae and Freddie Mac:

  • Approximately  31,000 borrowers with Fannie Mae and Freddie Mac loans forfeited their homes through a short sale or deed-in-lieu during the second quarter of this year.
  • The figure represents a 27 percent increase over the 24,000 short sale and deed-in-lieu transactions completed by the GSEs during the previous three-month period.
  • Fannie and Freddie servicers completed 29,000 short sales last quarter. During the same period last year, the GSEs’ short sale tally was just 11,700. Two years ago, it was 3,000.

Fannie and Freddie Mortgage Performance:

  • Loans that are only one month delinquent increased by 55,300 loans or 9.1 percent during the second quarter to approximately 664,300.
  • Loans 60-plus-days delinquent declined for the second consecutive quarter. The 60-plus-days delinquent loans decreased by more than 122,100 loans, or 7.0 percent during the second quarter to approximately 1.6 million.

The GSEs’ Foreclosures:

  • Foreclosure starts increased 12 percent to nearly 275,100, while completed foreclosure sales and third-party sales increased 15 percent to nearly 112,400 in the second quarter.

Kathryn Bovard is experienced with the often lengthy and stressful Las Vegas short sale process.   If you are contemplating a  Las Vegas short sale , she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Related posts:

  1. Las Vegas Short Sales Now Possible for Fannie Mae & Freddie Mac Mortgages
  2. Fannie Mae’s New Rules Could Impact Las Vegas Short Sales
  3. Las Vegas Real Estate Market Report for March 2010 – Short Sales, REOs and Traditional Closings


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