You don’t want to live in the town of Fannimaeville
NEW YORK, (Reuters) – Fannie Mae 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.