FHA Moves REOs

NationalMortgageNews reports the Federal Housing Administration (FHA) unloaded 102,195 repossessed housing units in FY 2011, bringing in over $7 billion to the coffers of the Treasury. Tom Rose, director of real estate owned by FHA, says the government, which pays a six percent commission and sells only through Realtors, paid $460 million in commissions last year. “We’ve never cracked the six-digit level before, so it was a monumental year for us,” says Rose. He expects he will sell 100,000 again this year. On average nationally, the entire process of reselling REO takes 5.5 months, but Rose says he is moving them out within 120 days.

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