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Freddie Mac HomeSteps VP: REO management key to stabilizing housing

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Chris Bowden, vice president of the Freddie Mac HomeSteps department, which manages the government sponsored enterprises’ REO inventory, said stabilizing neighborhoods will depend on getting first-time homebuyers to buy REO. In a features perspectives published Tuesday on the Freddie website, Bowden said Freddie’s inventory of REO has tripled over the past two years to more than 62,000 properties. The weight of these properties has had a “significant impact” on home prices in these communities, but selling to owner-occupants can reverse the damage and restore neighborhoods.

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