Article Image
News Link • Housing

Freddie Mac Seriously Delinquent Loans and REO by Selected States

I marked a few numbers in red. Although Freddie Mac has the most REO in California, the percent of REO in California is only slightly above the national average compared to the portfolio size. Nevada and Arizona have the most Freddie Mac REOs compared to the portfolio (Nevada is almost triple the national rate). Look at the serious delinquency rate. Now Florida and Nevada stand out. In general judicial foreclosure states have more loans in process, but Nevada is a non-judicial state! I've also added negative equity data from CoreLogic (percent of properties with a mortgage that owe more than their home is worth). Nevada, Arizona and Florida really stand out. Although Florida doesn't have an especially high number of Freddie Mac REO, there are many more coming. Nevada has both a high number of REO and a high delinquency rate. The timing of the eventual recovery in housing depends on clearing out this backlog of REO and seriously delinquent loans - so I think California will recover long before areas like Florida and Nevada.

Join us on our Social Networks:


Share this page with your friends on your favorite social network:

Free Talk Live