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Fannie and Freddie Spend Billions on Foreclosures

Not only are Fannie Mae and Freddie Mac losing money on these foreclosed homes, but it is costing them an arm and a leg to maintain them.  A few months go by before a Realtor® is hired to go inspect the property.  During that idle time, the property needs to stay somewhat decent. Fannie Mae and Freddie Mac have spent more than $2 billion in 2010 to maintain more than 240,000 homes they owned at the end of September.

Some of the costs that people don’t see are the legal fees, insurance, taxes, cleaning, and maintenance.  Freddie pays as much as $500 for an initial cleaning on a foreclosed property and $125 to have the lawn mowed twice a month during the summer months.

These costs are expected to rise because of the foreclosure process being slowed down.  It’s not good for the banks and certainly not good for the real estate market.  Little statistics like this really break down the outlook of the market.  These factors are not put into consideration when speculating when the market will level out.  I hate to be pessimistic, but from the looks of it the tunnel is still pitch black.

Here are some foreclosures currently on the market:

  1. 4 beds, 3 baths
    Home size: 3,696 sq ft
    Lot size: 16,670 sqft
    Year built: 1997
    Days on market: 3
  2. 3 beds, 2 baths
    Lot size: 1,530 sqft
    Year built: 1966
    Days on market: 4
  3. 3 beds, 4 baths
    Home size: 2,466 sq ft
    Lot size: 1,599 sqft
    Year built: 2003
    Days on market: 4
  4. 4 beds, 6 baths
    Lot size: 1.00 ac
    Year built: 2005
    Days on market: 5
  5. 4 beds, 2 baths
    Lot size: 9,326 sqft
    Year built: 1977
    Days on market: 11
  6. 4 beds, 3 baths
    Home size: 2,530 sq ft
    Lot size: 19,998 sqft
    Year built: 1998
    Days on market: 13
  7. 2 beds, 4 baths
    Home size: 949 sq ft
    Year built: 1997
    Days on market: 15
  8. 3 beds, 3 baths
    Lot size: 2,399 sqft
    Year built: 2002
    Days on market: 15
  9. 4 beds, 3 baths
    Home size: 3,330 sq ft
    Lot size: 20,112 sqft
    Year built: 2003
    Days on market: 17
  10. 5 beds, 4 baths
    Home size: 3,753 sq ft
    Lot size: 9,495 sqft
    Year built: 2007
    Days on market: 17
  11. 5 beds, 6 baths
    Home size: 5,970 sq ft
    Lot size: 10.01 ac
    Year built: 2004
    Days on market: 18
  12. 4 beds, 2 baths
    Lot size: 8,498 sqft
    Year built: 1986
    Days on market: 19
  13. 3 beds, 3 baths
    Lot size: 3.53 ac
    Year built: 2005
    Days on market: 20
  14. 3 beds, 2 baths
    Home size: 2,168 sq ft
    Lot size: 2,560 sqft
    Year built: 1987
    Days on market: 21
  15. 3 beds, 4 baths
    Home size: 1,963 sq ft
    Lot size: 1,599 sqft
    Year built: 1993
    Days on market: 27
  16. 4 beds, 3 baths
    Lot size: 5.00 ac
    Year built: 1989
    Days on market: 27
  17. 3 beds, 2 baths
    Lot size: 1.00 ac
    Year built: 1974
    Days on market: 28
  18. 3 beds, 4 baths
    Lot size: 1,464 sqft
    Year built: 1980
    Days on market: 31
  19. 4 beds, 3 baths
    Home size: 4,030 sq ft
    Lot size: 10,257 sqft
    Year built: 1999
    Days on market: 32
  20. 4 beds, 3 baths
    Lot size: 10,219 sqft
    Year built: 1994
    Days on market: 34
  21. 3 beds, 3 baths
    Lot size: 831 sqft
    Year built: 1987
    Days on market: 37
  22. 5 beds, 4 baths
    Home size: 2,508 sq ft
    Lot size: 1,759 sqft
    Year built: 2002
    Days on market: 39
  23. 4 beds, 6 baths
    Home size: 5,574 sq ft
    Lot size: 9,805 sqft
    Year built: 2006
    Days on market: 42
  24. 5 beds, 4 baths
    Home size: 4,194 sq ft
    Lot size: 10,000 sqft
    Year built: 1997
    Days on market: 43
  25. 3 beds, 3 baths
    Home size: 3,907 sq ft
    Lot size: 5.16 ac
    Year built: 2004
    Days on market: 49

See all *Prince William County ALL Foreclosures.
(all data current as of 7/17/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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