Free Search Tool Displays Nearly Half of All Available Foreclosures

foreclosureHUD just launched a new web-based mapping tool displaying the location of all foreclosed properties held by Fannie Mae, Freddie Mac and FHA.

These foreclosed homes collectively account for nearly half of all real estate-owned or REO properties in the U.S.

HUD’s REO Portal is intended to help local communities, homebuyers and responsible investors to acquire these properties and accelerate efforts to stabilize local housing markets.

This new mapping tool will be of particular help to those communities employing HUD’s Neighborhood Stabilization Program (NSP) in the targeted acquisition, rehabilitation and/or demolition of these REO properties. The REO Portal’s consolidated graphic listing includes properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA). The tool enables users to search a specific address or neighborhood, as well as estimated delinquency counts based on HUD analysis for local NSP program activities.

In this case, a picture is worth more than a thousand words, said HUD Secretary Shaun Donovan. This new mapping tool gives local communities a much clearer picture of where these foreclosed properties are so they can focus their energies in especially hard-hit neighborhoods.

HUD’s REO Portal gives prospective homebuyers and local community development organizations a comprehensive view of housing opportunities in their desired neighborhood, said Ed Neill, Senior Vice President of Credit Loss Management at Fannie Mae. The REO Portal supports Fannie Mae’s ongoing commitment to stabilizing neighborhoods by allowing buyers to search through a vast selection of houses and find one they can call their home.

In addition to mapping individual properties, the portal provides consolidated listing for user-defined neighborhoods with details such as list date, price, number of bedrooms, bathrooms, and links to Homepath (Fannie Mae), Homesteps (Freddie Mac), and HUD Homestore (FHA) to connect potential buyers to the acquisition process. The REO Portal supports more efficient disposition of REO properties to support the stabilization of neighborhoods and recovery of local housing markets by enabling a neighborhood-focused, strategic approach to acquisition.

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