The Federal Housing Finance Agency's REO rental program may capture 20% of the nation's 7.5 million total foreclosure pipeline, according to analysts at Bank of America Merrill Lynch.
About half of the nation's real estate-owned inventory is in only 20 metropolitan areas, BofAML analysts note. So even if the program only focuses on those 20 areas, it captures about half of the 3 million government-backed mortgages that will liquidate over the next four years.
Since the end of 2006, about 4.2 million new renters entered the housing market while 1.2 million homeowners left. And the 7.5 million backlog of foreclosures will continue to transition homeowners to renters over the next few years.
Read more...REO rental program to capture 20% of foreclosure pipeline via HousingWire
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