Loan servicers working on behalf of Fannie Mae and Freddie Mac signed off on a record number of short sales in 2012, according to a report from the mortgage giants' regulator, the Federal Housing Finance Agency (FHFA). Short sales and deeds-in-lieu of foreclosure totaled 37,966 up 23 percent from a year ago. Fannie and Freddie implemented accelerated timelines in June 2012 for reviewing and approving short-sale transactions.The mortgage giants' inventories of "real estate owned" (REO) homes also continued to decline, as Fannie and Freddie got rid of homes faster than they acquired them through foreclosures. During the first nine months of the year, Fannie and Freddie acquired 197,507 homes through foreclosure, and sold 218,321 REOs and foreclosed homes.
All told, Fannie and Freddie had 158,138 homes in their REO inventories as of Sept. 30, 2012, down 13 percent from a year ago and a drop of nearly 36 percent from a Sept. 30, 2010, peak of 241,684. During the same period, Fannie and Freddie acquired more than 1.1 million homes through foreclosure, and signed off on 413,436 short sales and deeds-in-lieu of foreclosure. There have been about 4 million completed foreclosures nationwide since September 2008, according to data aggregator CoreLogic.
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