Home / Daily Dose / Winner Announced for HUD Vacant Loan Sale
Print This Post Print This Post

Winner Announced for HUD Vacant Loan Sale

Money Jar BHThe U.S. Department of Housing and Urban Development recently announced the results for the HUD-Held Vacant Loan Sale 2017-1 (HVLS 2017-1), auctioned on November 30, 2016.

“These are loans associated with residential vacant properties that the last surviving borrower was a part of our Home Equity Conversion Mortgage (HECM) but the borrower now has passed,” said HUD.

According to the announcement, on November 30th, HUD offered five residential mortgage pools consisting of approximately 1,661 notes with a total loan balance of approximately $323.69 million.

Rushmore Loan Management Services LLC (Roosevelt), a recent winner of another non-performing loan pool offering in October from Freddie Mac, won all five pools in the HUD offering, according to the announcement, with the bid percent of loan balance for the pools coming in at 32.03 percent for pool 601, 49.22 percent for pool 602, 35.92 percent for pool 603, 47.83 percent for pool 604, and 65.70 percent for pool 605.

These loans are located in the Northeastern U.S., Western U.S., and Southeastern U.S., as well as Southern Florida and California. Broken down even further there are 531 loans in pool 601 (North Eastern U.S.), 483 loans in pool 602 (Western U.S.), 472 loans in pool 603 (Southeastern U.S.), 111 loans in pool 604 (Southern Florida), and 64 loans in pool 605 (Southern California).

These locations are congruent with the areas currently reported to have the highest number of vacant REO properties, according to the ATTOM Data Solutions Q3 2016 U.S. Residential Property Vacancy and Zombie Foreclosure Report. Florida specifically has a reported 5,880 REO vacant properties.

Looking deeper into the data from Florida, ATTOM Data Solutions found that Miami had 1,880 of these properties and Tampa had 1,310. Port St. Lucie, Florida also ranked among the ten zip codes with the highest number of vacant properties in the nation. At spot number seven, Port St. Lucie had a total of 2,440 vacant properties and a vacancy rate of 18.5 percent.

About Author: Kendall Baer

Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News.

Check Also

Home Price Growth Dips

Home price growth fell from November according to the CoreLogic Home Price Index, and expert projections indicate another decline in January.