Though it's too early to declare that mortgage delinquencies are on the way down permanently, "We are seeing some bright spots," Anthony Renzi, Freddie Mac executive vice president of single family portfolio management, said during a press briefing at the Mortgage Bankers Association's servicing conference in Dallas Wednesday morning.
Renzi said the GSE is doing all it can to resolve overdues, including deeds-in-lieu, short sales, loan modifications, call centers and doorknockers.
The government controlled GSE is currently taking 450 days, on average, to complete a foreclosure, he said. Freddie would not reveal its average cost per REO.
At the end of September Freddie owned roughly 70,000 REO properties. (Yearend figures should be available shortly. The company reports its fourth quarter results this week.)
Top ten states for Freddie REO include: Florida, California, Michigan, Illinois, Minnesota, Georgia, Arizona, Texas, Ohio and North Carolina.