Freddie claims foreclosures net 94% of market value

Freddie Mac has sold a record number of single-family REO homes in the first nine months of 2011, and the homes are selling for an average of 94 percent of market value, according to Tracey Mooney, Freddie Mac’s vice president of single-family servicing and real estate owned properties.

“Because our homes are well maintained and priced right for the local market and home buyers, most of our homes sell close to full estimated market value,” Mooney said.

Freddie Mac sold more than 80,000 REOs in the first nine months of 2011. REOs are properties taken back by lenders via foreclosure proceedings.

“We are selling more homes than we are taking in through foreclosure,” Mooney said.

Most of the REO sales are to owner-occupants in an average of 120 days.

“While we have always been open to selling to investors, our strategy is to limit the concentration of investor sales in any given area,” Mooney said. “In addition, we do not typically consider any offers that require significant discount pricing.”