Saturday, April 23, 2011

Fannie Increases Rental Building Holdings As Sour Loans On Residential Apartment Houses Ending In Foreclosure Begin To Pile Up

The Wall Street Journal reports:
  • For more than three years, Fannie Mae has faced surging foreclosures on deteriorating home loans. Now, it also has to deal with an uptick in souring loans backing apartment buildings made as the market peaked four years ago.
  • Last year, Fannie acquired 232 properties through foreclosure—more than double the amount in 2009—and loans backing another 481 properties were seriously delinquent. The rise is a reminder that despite the rebound in apartment-building prices in leading markets, owners and their lenders are still hurting in many parts of the country.

For more, see Apartment-Building Foreclosures Piling Up (requires subscription; if no subscription, TRY HERE, then click appropriate link for the story).

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