Friday, August 12, 2011
HUD's New Tool for Mapping Local Foreclosures
The U.S. Department of Housing and Urban Development has unveiled a Web-based mapping tool displaying the location of all foreclosed properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) -- nearly half of all "real estate owned" (REO) properties in the U.S. The goal is to help local communities, homebuyers and investors locate and acquire government owned properties.
As HUD explains it:HUD's REO Portal "is a consolidated neighborhood listing and mapping tool to assist neighborhood stabilizers in identifying Real-Estate Owned (REO) properties from Fannie Mae, Freddie Mac and FHA in targeted geographies. The 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. "