HUD-Owned Homes Predicted to Surge

By
Real Estate Agent with Bozeman Broker Group

HUD—Who are They?

In 1937, the U.S. Housing Act planted the seeds for the development of the Department of Housing and Urban Development in 1965. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable home for all.

  

The U.S. Department of Housing and Urban Development is reportedly releasing more of its homes to the market here shortly in order to counterbalance the slim inventory being seen across the country and the backlogged foreclosures/short sales.

“The inventory is there, [it’s] just not being released during the banks/servicers review of the loan/mortgage documents,” says Nat Genis, a HUD listing broker in Riverside County, Calif., which is already seeing an increase in HUD-owned homes.  

"HUD homes are back," Genis told HousingWire. "FHA financing went away with the 'creative' financing of the 80/20 loans, and now with the increase of FHA financing, these government-backed loans guarantee that if the borrower defaults, HUD will pay off the mortgage, obtain the deed, and re-sell the home."

READ MORE

HUD homes add to inventory-starved market,

'Shadow Inventory' Threat Reduced

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Montana
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Rainmaker
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Inna Ivchenko
Mannis Real Estate Group - Calabasas, CA
Los Angeles / Valley Homes

I don't know where is that inventory and when it is going to be released. The inventory is so dry in here. REOs are very few. Even those they moved to online auction sales.

May 01, 2013 08:43 AM #1
Rainmaker
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Tim Hart
Bozeman Broker Group - Bozeman, MT
Broker

Same here in Bozeman Inna although we are seeing a more steady flow of HUD homes coming to market at all levels!  Thanks for the note!

May 01, 2013 09:24 AM #2
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Tim Hart

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