We own 248,000 homes, yes we, you and I!

By
Real Estate Agent with Keller Williams Tampa Properties

That's the approximate number of homes that a recent MSN Money article states are owned by the US Government  through Fannie Mae, Freddie Mac and the Federal Housing Authority (FHA).  So, yes, US Taxpayers, we collectively own these homes.  The trick is, how do we sell them without further tanking the already weak housing market that exists in many states already.

The federal government even went so far as to ask the general public to submit ideas on how to clear this backlog, but the date has now passed for submission and we will be forced to wait for some date into the future to hear what brilliant ideas were submitted that our elected officials either hadn't thought of themselves or will propose as the their own "new and original" ideas!  Good luck with that one!

This number, 248,000, is actually down from a record high of 295,000 as of December 2010.  So at a rate of approximately 50,000 home per 6 months we still have 2.5 more years before we unload the existing inventory of government owned homes.  That's if no more homes are added to the inventory.

I know here in my state of Florida, there had been a significant slowing of bank foreclosures over the past 6 months to a year because of the robo-signing fiasco with legal documents which lead to the closing of three major law firms.  However, recent news indicates that foreclosure filings have begun to climb again so I expect that the 248,000 number may not be reduced much at all in the near future and my actually climb significantly.

Doesn't sound good for housing prices if you are in a market like Tampa Bay where we have had home prices fall approximately 48% since the market peaked in late 2006.

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Real Estate Vet - Curing Tampa Bay's Mortgage Meltdown One Home At A Time.  Will your Home Be next?

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Rainmaker
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Carra Riley
Author, Speaker, Consultant, Carra Riley Inc. - Williams, AZ
CRB, CRS, GRI

Steven,  what can we do to have our voice heard?  What a mess.. we need to connect some dots! 

 

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Sep 20, 2011 12:53 AM #1
Rainer
78,560
Gayle Beyer
Welcome Center Realty 772-336-8583, FLA777 - Port St Lucie, FL
Port St Lucie FL Real Estate Broker

Steven, I am in Florida too, East Coast and we have seen the foreclosure inventory almost fall off. Most of the homes I show now are resale and investor homes (at least over 60%) which is a big jump from just over 14 months ago. I am sure we are in for more but it has helped values increase. On another note, we sold a Freddie home that just before closing the previous owner who was foreclosed on two years ago, retook possession and killed our deal. So there are quite a few government homes not the market due to title issues. They are sitting in the Ghost Closet of gov homes inventory.

Sep 20, 2011 05:44 PM #2
Rainmaker
160,956
Cory Fitzsimmmons
ReThink Real Estate Group - Golden, CO
Realtor - Denver, CO

Amazing stats Steven.  I was unaware of the "idea submission" and surprised they even asked. Thanks for sharing!

Sep 24, 2011 12:48 PM #3
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Rainmaker
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Steven Pahl

Real Estate Consultant Tampa, FL 813-319-6423
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