If You Bunched All The Foreclosed Homes Fannie Mae Has Taken Over It Would Be A ‘Top 100′ Municipality Bigger Than Dayton, Ohio And Almost Bigger Than Richmond, Virginia
November 11th, 2008 by MG
It’s amazing to think in terms like this. Nowadays we all have foreclosures dotting, peppering, or downright plastering our neighborhoods. We have grown accustomed to terms like ‘loan modification’ and ‘short sale’.
But if we looked at the number of foreclosures owned by just one entity such as Fannie Mae, the aggregate appearance is just pitiful. As Reuters put it:
Fannie Mae said on Monday that the housing finance company has taken over so many homes through foreclosures that if it were a town, it would be bigger than Dayton, Ohio.
It is also on track to pass Richmond, Virginia, this year in terms of the number of houses, and would crack the top 100 municipalities as ranked by DataPlace, a web-based source of housing and demographic data.
As a record number of Americans lose their homes during the worst housing crash since the Great Depression, Fannie Mae now owns 67,519 homes.
The company, which the U.S. government placed in conservatorship in September following record losses, said in its third-quarter earnings that its inventory of foreclosed properties rose by nearly a quarter in three months and more than double from a year ago.
That puts it on par with cities such as Chattanooga, Tennessee, and Providence, Rhode Island, in terms of number of households.
The company is working hard to clear the inventory. On its website it lists dozens of homes in Detroit selling for next to nothing. One listed at $1,900 entices buyers with “100 percent financing,” a ploy with what might be described as a tarnished reputation in the United States.
Yet it seems to be working. A two-bedroom, 1,900 square foot house on Seminole Street is listed as “under contract.” The price? $50.
Enter the world’s largest Ghost Town. Apply for your own zero-down, low-interest loan today! The home of other’s dreams can be yours today!
And if things keep up, someone else’s tomorrow.