Foreclosed Homes: Fannie Mae

Fannie Mae: When a Fannie Mae-owned loan defaults, the mortgage company acquires and sells the property. Fannie Mae, one of the largest sources of foreclosed homes on the market, sold 55 percent of its repossessed houses to individuals, non-profits and local governments last year, compared with 57 percent in 2012 and 59 percent two years earlier, according to a regulatory document, according to Bloomberg. I ve told my clients they should not go that route at all, said Teresa Huber, a Realtor outside of Atlanta. Its too hard to compete for homes since some get as many as 20 offers, she said and Fannie Mae is selling more of its foreclosed properties to investors as prices rise, limiting homebuyers access to cheap housing. Fannie Maes goal to increase homeownership through property sales is fading as prices soar in cities across the U.S. and mortgage rates climb. While homebuyers retreat from this market, investors are buying a greater share of the housing from the government-owned mortgage giant to rent or flip. (news.financializer.com). As reported in the news.