Freddie Mac reported Thursday the number of Real Estate Owned (or foreclosure) housing inventory in the US declined to 8,299 units at the end of 4Q 2017, compared to 11,418 at the end of 4Q 2016.
For Freddie, this is down -89 per cent from the 74,897 peak number of REOs in 3Q 2010, and is the lowest since at least 2007.
US REO Inventory: 4Q 2017
For it’s part, Fannie Mae reported Thursday the number of Real Estate Owned inventory declined to 26,311 at the end of 4Q 2017, compared to 38,093 at the end of 4Q 2016.
For Fannie, this is down -84 per cent from the 166,787 peak number of REOs in 3Q 2010. For Fannie, this is the lowest since at least 2007.
Total REO inventory decreased in 4Q for both Fannie and Freddie, and combined inventory is down -30 per cent year-over-year.
There are still a number of properties in the foreclosure process with long time lines in judicial foreclosure states – but this is close to normal levels of REOs