Search for Half of the Country's Foreclosures in One Place
The U.S. Department of Housing and Urban Development has unveiled a web-based map search tool displaying the location of all foreclosed properties held by Fannie Mae, Freddie Mac and FHA. These account for nearly half of all foreclosed (REO) properties in the U.S.
The idea is to move the shadow inventory and help stabilize local real estate markets. Until the majority of these distressed properties are gone, housing prices will not rise. This tool will make it easier for investors and owner occupieds to find these homes and with one click be shown how to make an offer on it.
The image is a snapshot of Rhode Island's search results.
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