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A foreclosed property can hurt the value of nearby homes and even be a drag on the surrounding neighborhood. Knowing where these “real estate owned” or REO properties are is critical if we want to turn that property into a real home again.
HUD is hoping to help struggling housing markets through a new web-based mapping tool that displays the location all foreclosed properties currently offered for sale by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA).
Combined, these foreclosed homes account for about half of all REO properties in the U.S. HUD’s REO Portal is intended to help local communities, homebuyers and responsible investors to acquire these properties and accelerate efforts to stabilize local housing markets. The public can search for a specific address or simply look for the location of foreclosed properties in their own neighborhood.
As Secretary Donovan put it, “In this case, a picture is worth more than a thousand words. This new mapping tool gives local communities a much clearer picture of where these foreclosed properties are so they, along with private investors, can focus their energies in especially hard-hit neighborhoods.”