Executive Perspectives Blog
Today Freddie Mac announced our third quarter financial results, reporting net income of $2.1 billion and comprehensive income of $2.8 billion. Based on these results, we will be returning an additional $2.8 billion to taxpayers in the fourth quarter – bringing the total paid to $91 billion. For more details about our results and progress, please listen to a recording of our call with the media or read the additional resources below.
Mortgage interest rates are holding near historic lows and housing remains affordable across most of the U.S. For those who have their financial house in order, it's a great time to buy a home. But many potential buyers can't because they don’t qualify for a mortgage. And many aren't even attempting because they believe they could not qualify.
Deteriorating property cash flows are never in the plan for multifamily investments, especially to the extent that property income falls below expenses. Nonetheless, this unfortunate situation happens for some properties, and they go "underwater."
There's a reason multiple offers on foreclosed homes are becoming so common in so many markets. Buyer demand is colliding with shrinking supplies of foreclosed (REO) homes. During the second quarter, HomeSteps, Freddie Mac’s real estate sales unit, sold nearly two homes for every one we took in.