This is what happens when you take a band aid off of a wound that hasn't healed yet! All the Government Programs and all the money spent, trying to stop the bleeding in the Housing Market, has failed miserably. While the Banks and the Fat Cats on Wall Street keep getting richer, the average Joe The Plumber, Home Owner, will soon be out on the street, looking for another place to live.
Mathews Realty Group
Real Estate Investment Services
"Building Lifestyle For Life"
HUD's Inventory of REOs More Than Double a Year Ago
HUD has released a report detailing recent business activity at the Federal Housing Administration (FHA). It shows that the federal agency’s inventory of REO homes has ballooned as sales from this portfolio fell sharply during the final months of 2010 and early part of this year.
HUD manages the disposition of homes with FHA loans that have been repossessed.
The cumulative number of defaults reported on FHA-insured loans for the 2011 fiscal year, which for the federal agency began last October, stood at 619,712 as of the end of February.
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