Fannie Mae Unloads 1,200 South Florida Properties in 2009

MIAMI, FL--Fannie Mae, the public-private secondary market mortgage giant, sold off more than 1,200 properties on an individual basis in the tricounty South Florida region in 2009, representing a 472 percent increase in transactions compared to 2008, according to a new report from CondoVultures.com.

An additional 1,100 properties are currently available for purchase in the Miami-Dade, Broward, and Palm Beach counties, according to the CondoVultures report.

The spike in closed transactions and available inventory for purchase comes some 16 months after Fannie Mae opened an office in Fort Lauderdale to work with borrowers to modify their mortgages or sell off properties that have been repossessed through foreclosure.

"Fannie Mae is capitulating one property at a time," said Peter Zalewski, (top left photo) a principal with the Bal Harbour, Fla.-based real estate consultancy and brokerage Condo Vultures® LLC.

 "The recorded deeds and available inventory for resale prove that Fannie Mae's South Florida office is working diligently to deal with the mountains of bad assets that the mortgage backed securities giant has in South Florida.

"Given the U.S. government's financial commitment to Fannie Mae, we expect Fannie Mae to increase the number of repossessed properties that it sells off in 2010."

Contact:  Peter Zalewski, 1-800-750-0517, peter@condovultures.com