More Foreclosures on the way, Real Estate is still far from recovery-
The number of Real Estate loans held by Fannie Mae and Freddie Mac that were 60-plus-days delinquent stood at 1.7 million at the end of the first quarter of 2010, the two companies’ conservator said in a report to Congress this week.
FHFA says mortgage loan servicers are working through the glut of GSE Real Estate delinquencies at a much faster pace, too. According to the agency’s report to Congress foreclosure prevention activity increased 75 percent in the first quarter of 2010 compared to the previous three months.
Just as home retention efforts and short sales increased, the number of non-performing loans liquidated through foreclosure also grew.
