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The U.S. Department of Housing and Urban Development recently announced the pool locations for the upcoming HUD-Held Vacant Loan Sale 2017-1 (HVLS 2017-1).
“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.”
According to the announcement from HUD, on November 30th, 2016, HUD will offer five residential mortgage pools consisting of approximately 1,700 notes with a total loan balance of approximately $360 million. Additionally, the announcement states that the sale will consist of due and payable Secretary-Held loans.
These loans are located in the Northeastern U.S., Western U.S., and Southeastern U.S., as well as Southern Florida and 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.
