HUD Releases REO Portal to Pinpoint Foreclosed Properties
To attract private capital into neighborhoods that are recovering from foreclosure, the Department of Housing and Urban Development has launched a Web-based tool that displays the location of all foreclosed properties owned by Fannie Mae, Freddie Mac and the Federal Housing Administration.
Currently, the government-controlled agencies own approximately 250,000 foreclosed homes nationwide. Fannie Mae has an REO inventory of nearly 136,000 properties, while Freddie Mac has about 60,600 and the FHA has almost 55,000 homes.
The purpose of the REO portal is to help homebuyers and investors acquire these bank-owned properties to accelerate efforts in stabilizing local housing communities. The mapping tool also enables users to search for a specific address or neighborhood and determine the estimated delinquency counts for a community.
“In this case, a picture is worth more than a thousand words,” said HUD secretary Shaun Donovan. “This new mapping tool gives local communities a much clearer picture of where these foreclosed properties are so they, along with private investors, can focus their energies in especially hard-hit neighborhoods.”
In addition to mapping individual properties, the portal provides a consolidated listing for user-defined neighborhoods with details such as list date, price, number of bedrooms, bathrooms, and links to the Homepath (Fannie Mae), Homesteps (Freddie Mac) and HUD Homestore (FHA) websites to connect potential buyers to the acquisition process.
“The HUD REO Portal gives buyers a terrific new tool for comparison shopping affordable homes, in the neighborhood of their choice,” said Anthony Renzi, executive vice president of single-family business and information technology at Freddie Mac. “Freddie Mac is thankful for the opportunity to help develop the REO Portal, which underscores our mission to foster stable communities and support the nation's housing markets.”
The REO Portal also allows for more efficient disposition of REO properties in order to support communities utilizing HUD's neighborhood stabilization program to allow investors to acquire, rehabilitate, and/or demolish these homes.
This Web portal was developed by the government-sponsored enterprises along with the Federal Housing Finance Agency and HUD's Office of Policy Development and Research.
“HUD's REO Portal gives prospective homebuyers, investors and local community development organizations a comprehensive view of housing opportunities in their desired neighborhood,” said Ed Neill, senior vice president of credit loss management at Fannie Mae. “The REO Portal supports Fannie Mae's ongoing commitment to stabilizing neighborhoods by allowing buyers to search through a vast selection of houses and find one they can call their home.”