Statistics About Foreclosure Homes From Freddie Mac Foreclosures
Freddie Mac has over 1.5 million homes for sale at any one time. These are obtained as a result of the previous buyers defaulting in the loans.
In April last year, they were planning to sell of 300 homes in Southern California and Las Vegas. The quick sale would allow buyers to receive an $8000 tax credit for first time buyers.
Freddie Mac still wants to prevent foreclosure and in a time when the housing market is far from stable, they have been able to keep over 132,000 American families who are struggling financially to either be able to stay in their homes, or sell them on rather than lose them. When the foreclosures are sold, they are sold at very low prices, so anything that can be done to stop that is to be welcomed.
Once a home has been lost, however, Freddie Macs need to sell it to the next buyer as soon as possible. In 2009, they gave a deal that would have made it much easier to buy a house. As well as agreeing to cover the closing costs, they also gave a free two year home warranty to cover all major appliances and also the possibility of buying new ones with a 30% discount.
3.5% of the cost of the house will be covered as a result of Freddie Mc paying the closing costs.In 2010, it does appear that things are beginning to improve, as the amount of bad loans began to decrease. While this is good for many people, builders are being affected as people are choosing to buy a foreclosed home rather than have major renovations on their own or even go for a new build.The number of available properties might decrease if people realized the cost involved in a bank foreclosing on a loan. While some lenders will put the figure at between 20 and 25% of the loan, Freddie Macs put a figure of $60,000 on it. They also consider that 68% of low income owners could be spared the problem if they admitted that they had a problem at an early stage. For owners who did this in 2009, Freddie Mac foreclosures arranged loan modifications, Home Affordable Modification Program and this helped some 42% of the 16,000 properties. Figures improved in the last part of the year, but they were still at 29%.Only time will tell if the HAMP program works.
