Fannie Mae and Freddie Mac together sold 136,000 foreclosed single-family properties during the first half of this year, a 50% jump from the same six-month period in 2009.
Despite the increase in sales, the government-sponsored enterprises both reported large increases in real estate owned (REO) inventories in their second quarter securities filings.
Fannie sold 87,600 properties during the first half, compared to 57,450 REO sales in the same six-month period in 2009.
The size of its REO single-family inventory doubled to 129,300 units and now has a carrying value of $13 billion.
Fannie said it is unable to market many REO properties because of delays caused by second lien holders in "redemption" states. The GSE also cited delays in completing evictions, citing removal of personal property and house repairs.
Approximately 36% of the properties that could not be marketed were still occupied, "which lengthens the time a property is in our REO inventory by an average of one to three months," Fannie said.
Freddie sold 48,300 foreclosed properties in the first half of 2010, compared to 30,600 in the same six-month period the previous year.
Freddie has seen its REO inventory jump by nearly 80% over the past year to 62,200 single-family units, totaling $6.2 billion as of June 30.
The GSE expects REO expenses and its inventory of properties will continue to rise during the second half of this year.
