Freddie Mac sold a record amount of previously foreclosed or repossessed homes, with a total of approximately 31,000 homes sold in the first quarter, according to HousingWire.
With this increase, the company experienced a quarterly increase of roughly 1,000 repossessions. HousingWire reports that the company holds around 65,000 properties, while their sister company Fannie Mae holds approximately 153,000 homes.
“We expect the pace of our REO acquisitions to increase in the remainder of 2011, in part due to the resumption of foreclosure activity by servicers, as well as the transition of many seriously delinquent loans to REO,” Freddie said in its financial supplement.
Freddie Mac also reported a recent quarterly net income gain for the first time in two years, and both companies reported declines in delinquency rates.