GSE Foreclosures, Workouts Fell In July

Foreclosure starts and sales, as well as loan workouts, all fell at government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac in July, the Federal Housing Finance Agency (FHFA) reports.

According to the FHFA's latest Foreclosure Prevention & Refinance Report, foreclosure starts fell from 81,499 in June to 76,361 in July. Foreclosure and third-party sales dropped from 31,195 to 25,325 month-over-month, and total foreclosure-prevention actions decreased from 55,503 to 53,031.

Refinance volumes also dropped across the board for the GSEs. Fannie Mae's total refinances – which include loans that went through the Home Affordable Refinance Program as well as those that were streamlined refis – went from 118,099 in June to 108,872 in July, while Freddie's count went from 67,525 to 59,316.

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