The lists of Freddie Mac foreclosures in Seattle and in other cities are growing, as more residential mortgages backed by Freddie Mac continue to default.
Freddie Mac now backs nearly one-fourth of all mortgaged homes in the country and 4.13 percent of these properties are in default. Of the mortgages that were modified, more than 57 percent redefaulted. Last year, Freddie and Fannie resold almost 200,000 repossessed units, but they still were holding over 131,000 homes at the end of the year.
The number of foreclosed homes owned by Freddie Mac last year represented a staggering increase of 54 percent. As of December 2009, over 45,000 foreclosed homes were on lists of Freddie Mac foreclosures. As of March, Freddie Mac and Fannie Mae had 163,828 foreclosed houses on their books.
In the first three months this year, Freddie Mac posted a huge loss, prompting it to ask for $10.6 billion more from the federal government and increasing its total withdrawals to $61.3 billion.
In May, foreclosure postings in Seattle and in other parts of King County increased by 17.2 percent over the month to 1,502, and 27.5 percent of these or 413 units were Seattle bank owned homes. King County posted the highest total among Washington counties during the month. Pierce, the county which posted the biggest foreclosure rate, was second with 938 filings.
Similarly, the number of distressed properties and bank owned homes in Washington also increased. Filings jumped up by 11.3 percent over the month and 27 percent over the year to 4,860 filings in May, about 1.5 percent of all filings posted throughout the country during the month. Of these filings, over 1,700 were bank owned properties, accounting for 35 percent of total filings.
Among the lists of Freddie Mac foreclosures currently offered for sale in Washington are a five-bedroom two-bath home in Orting priced at $36,750; a four-bedroom one-bath home in Carson priced at $54,900; and a home in Tacoma priced at $44,500.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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