A recent MSN Money article explained that due to continued home repossessions, the government is now responsible for nearly 250,000 properties.
The number of repossessions has continued to increase as more homeowners are unable to make payments on their mortgages and default on their loans. Reports also show that a significant number of homes are still moving toward default, which would only raise the number of distressed properties for which the government is responsible.
In all, the country has close 800,000 repossession homes, meaning the government accounts for nearly one-third of this total.
To deal with the onset of more repossessions, officials from Freddie Mac, Fannie Mae and the Federal Housing Administration have discussed potential courses of action to unload the properties without affecting the currently depressed housing market. However, experts don't believe this will happen.
"They're stuck," Karen Shaw Petrou, a managing partner at Federal Financial Analytics, told the news source. "They don't know what to do."
While the national scene has become ugly, the Houston real estate market remains one of the better-performing, more-consistent sectors in the country, according to reports.
Courtesy of 2M Realty News