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Foreclosures Stimulate the Housing Market

By Ken Kmet, Condo Voice, Clearwater, FL The level of lender foreclosures has increased in recent months, and that's created an economic stimulus to the housing industry, in traditional and non-traditional methods in the pre-sale and pre-rental market. This stimulus may not be apparent to the general public, because most of these activities involve services that are not sale-related. Let me break down the basics and provide an overview for you. The majority of banks have sold or given their mortgages to either Fannie Mae (FM1) or Freddie Mac (FM2), the U.S. government. You may not know who owns your mortgage. To check to see if Fannie Mae owns your mortgage, click here. To check to see if Freddie Mac owns your mortgage, click here. Based on my observations, FM1 and FM2 have taken inventory of their properties and begun foreclosing on those that have the least amount of losses first. It doesn't matter if the property is worth $20,000 or a million. The degree of foreclosure loss determines the order by which they foreclose or resume and finish previously started foreclosure processes. Another factor is the age of the previous foreclosure process. Realtors are now being hired by FM1 and FM2 to list these properties for sale and rent. But before they can do this, a lot has to happen. FM1 and FM2 hire “scouts,” people who visit inventory properties to observe them from a distance, and to establish the “state” of the property for the lender. Is it abandoned, is it m......
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