Fannie & Freddie Suspend Foreclosures; Loan Defaults Plunge

Fannie & Freddie Suspend Foreclosures; Loan Defaults Plunge

WASHINGTON, D.C. – December 11, 2014 – (RealEstateRama) — Fannie Mae and Freddie Mac announced they plan to suspend evictions on foreclosed single-family properties nationwide during the holidays, from December 17, 2014 through January 2, 2015. Legal and administrative proceedings for evictions may continue, as well as pre-foreclosure activities, but families who are living in foreclosed homes will be allowed to remain in their homes during that time. The foreclosure moratorium applies to all foreclosed occupied single-family homes as well as properties with two to four units that have mortgages owned or guaranteed by Freddie Mac.

In a related note, the nationwide mortgage loan delinquency rate—the number of borrowers 60 or more days past due on their mortgage—is projected to drop to 3.12 percent by the end of this year according to TransUnion. They further predict the delinquency rate will tumble to 2.51 percent, the lowest level since reaching 2.61 percent in the third quarter of 2007, prior to the “Great Recession.”

Stewart, Paul
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San Mateo County Association of REALTORS

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