Every list of Fannie Mae foreclosures in Santa Monica, California represents an opportunity to buy a profitable property in the city, which is a major destination for tourists looking for beach resorts, cultural attractions and sustainable ways of city life.
Santa Monica, a city on Santa Monica Bay in the western side of Los Angeles County, boomed because of its pleasant climate, its beachside downtown, cultural landmarks, art events and sites for surfing and skateboard experts and enthusiasts.
With the number of Santa Monica bank owned homes also rising despite the city’s relatively strong economy, house prices dropped, giving more home buying and investment opportunities to buyers.
As bank owned foreclosures in California jumped up in number in May, the number of Fannie Mae homes available for sale also increased.
Nationwide, there were 72,000 homes in the list of Fannie Mae foreclosures in March, and the number continues to rise as the percentage of mortgage loans backed by Fannie has been rising since 2008.
In May, Fannie Mae reported that the total unpaid mortgage principal on its portfolio rose to $789.5 billion in April this year, a jump of more than 46 percent from the total in April 2009. It repurchased around $46 billion in mortgage-backed securities during the month. While the default rate on all single-family mortgages on its books declined to 5.5 percent in the most recent report, the default rate for multifamily homes jumped up to 0.8 percent.
Based on another report released by a property analysis firm, the total number of government-owned homes, including Fannie Mae homes, now accounts for a staggering 46 percent of all real-estate owed homes in the county or an estimated total of 219,060 residential units.
If the default rate of mortgages backed by federal agencies continues to rise at its current rate, the number of homes in the list of Fannie Mae foreclosures and other government foreclosures could surpass the number of homes in bank owned listings.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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