NEW YORK Nov 10 Fannie Mae FNM.N FNM.P
said on Monday that the housing finance company has taken over
so many homes through foreclosures that if it were a town, it
would be bigger than Dayton, Ohio.
It is also on track to pass Richmond, Virginia, this year
in terms of the number of houses, and would crack the top 100
municipalities as ranked by DataPlace, a web-based source of
housing and demographic data.
As a record number of Americans lose their homes during the
worst housing crash since the Great Depression, Fannie Mae now
owns 67,519 homes.
The company, which the U.S. government placed in
conservatorship in September following record losses, said in
its third-quarter earnings that its inventory of foreclosed
properties rose by nearly a quarter in three months and more
than double from a year ago.
That puts it on par with cities such as Chattanooga,
Tennessee, and Providence, Rhode Island, in terms of number of
The company is working hard to clear the inventory. On its
website it lists dozens of homes in Detroit selling for next to
nothing. One listed at $1,900 entices buyers with "100 percent
financing," a ploy with what might be described as a tarnished
reputation in the United States.
Yet it seems to be working. A two-bedroom, 1,900 square
foot house on Seminole Street is listed as "under contract."
The price? $50.
(Editing by James Dalgleish)