Reports on Loss Mitigation and Foreclosure Released by FHFA.

FHFA (previously known as OFHEO) has released their first report with metrics on foreclosures and loss mitigation actions by Fannie Mae and Freddie Mac, covering period through June 30, 2008. [Big problem with reporting as far as I am concerned is no state or local information is included].

Mortgage Metrics Report is HERE. (A related, but briefer, Foreclosure Prevention Report with data through August 2008 is HERE).

Some quick highlights from Mortgage Metrics Report focusing on foreclosures (will look at loan modifications and other loss mitigation actions later):

• REO acquisitions in the second quarter averaged 12,169 with 6,857 classified as prime and 5,312 classified as nonprime mortgage properties. REO acquisitions for prime mortgage properties increased by 26.9 percent over the first quarter 2008 monthly average, while REO acquisitions for nonprime mortgage properties increased by 14.4 percent
• The real estate owned (REO) inventory rose from 61,550 at March 31, 2008 to 76,154 as of June 30, 2008 — an increase of 14,064 properties or 23.7 percent during second quarter 2008. The REO inventory of prime mortgage properties increased by 9,205 properties or 28.9 percent to 41,082 properties, while nonprime mortgage properties increased by 5,399 or 18.2 percent to 35,072 properties.