Freddie Mac sold a record number of real estate owned (REO) properties in 2011, an agency representative said yesterday. According to Tracy Mooney, senior vice president of single-family servicing and real estate owned properties at Freddie Mac, more than 80,000 real estate owned homes sold in the first nine months of 2011.
Mooney also wrote that, on average, these homes sold for “94 percent of market value.” She does not go into detail on the blog about how that calculation was determined, but news that REO homes are selling so close to their market value is surprising due to the stigma usually attached to these properties.
More from Mooney’s blog post:
“While we have always been open to selling to investors, our strategy is to limit the concentration of investor sales in any given area. In addition, we do not typically consider any offers that require significant discount pricing.”
Freddie Mac’s “Good Neighbor” policies dictate strict maintenance and upkeep of REO homes. They also incentivize sales to owner-occupants and sell more than 70 percent of REO homes to buyers who intend to actually live in the home. According to Housing Wire, at the end of the third quarter, Freddie had 59,600 REOs on its books with an estimated $10.4 billion in market value.
This article originally published at https://dc.urbanturf.com/articles/blog/freddie_mac_sold_record_number_of_reo_homes_in_2011/4581.
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