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Jennifer St.Clair

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Bye-Bye Fannie, Freddie? What It Could Mean
The Obama administration announced on Friday plans to reform the housing finance market, including winding down government-controlled mortgage giants Fannie Mae and Freddie Mac and turning most of the market over to the private sector, as well as requiring larger down payments. The White House proposed three approaches to replacing Fannie Mae and Freddie Mac rather than offering up one final plan.

San Diego County Foreclosure Outcomes

This chart covers the past year's data for San Diego County foreclosure filings and the ultimate result or outcome of the filing.   The yellow line or 'sold to third party' represents those homes sold on the courthouse steps, usually to investors, while the red line represents those foreclosed homes that the bank now holds on their balance sheet and ultimately will be listed with a local Real Estate agent as an REO. This is where the so called 'shadow inventory' hides.  After the bank repos the home but before they put it on the market as a distressed sale.

 As you can see their has been a 23% decrease in the foreclosed homes sold to third parties from the prior year but up from December 2010 and Nov 200.   The result being less 'fix and flips' on the market.

 The gray line shows the foreclosures that were canceled for various reasons.