"Texas is sick, Louisiana is on its deathbed, Arkansas is a mess, large portions of Florida have problems, and so does the Farm Belt," said Henry Lorber, Atlanta-region portfolio manager for the Federal Asset and Disposition Association, which is charged with managing and selling a large portion of the properties held by FSLIC. Alaska, Colorado, Oklahoma and Wyoming also contain many foreclosed properties.
Fannie Mae, a federally chartered public corporation, has substantially whittled down its stock of foreclosures by requiring 24-hour notice of foreclosures from lenders, quickly ordering repairs and improvements and putting properties on the market within 20 to 30 days after taking possession. These efforts are paying off: Its inventory of foreclosed homes has declined from 9,500 last year at this time to 7,400 now.
ILLUSTRATION,,Joe Ciardiello For Twpph,,Ap; PHOTO,,Twp CAPTION:3019 HIGH STREET, DENVER-This property's mortgage cost HUD $44,585; it's now listed for $27,100. CAPTION:1451 PENNSYLVANIA AVE. SE-HUD's $172,676 loss makes this its largest single-property loss. CAPTION:THE CENTRUM, DALLAS-A $60 million loan for the construction of this 20-story mixed-use development in the Oak Lawn district of Dallas, Texas, was approved by American Savings & Loan Association of Stockton, Calif.; the project, completed in 1987, is less than a third occupied. The property was recently foreclosed on by its newest lender, New West Federal Savings Association of California, a thrift owned by investors including the Bass family of Texas. CAPTION:GOLDEN GATE CENTER, NAPLES, FLA.-Construction on this shopping center near Naples, Fla., began in 1984. It fell into government's hands when the project's lender, Sunrise Savings and Loan Association of Boynton Beach, Fla., faltered. The project sat unattended and incomplete for almost three years, with construction material strewn about the land; in November, it was purchased by a development group consisting of a Georgia builder and a Tennessee insurance company.
Reproduced with permission of the copyright owner. Further reproduction or distribution is prohibited without permission.