Property Disposition:

Information on Federal Single-Family Properties

RCED-91-69: Published: Mar 29, 1991. Publicly Released: Apr 9, 1991.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

Pursuant to a congressional request, GAO reviewed single-family property disposition activities of the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Farmers Home Administration (FmHA), and the Resolution Trust Corporation (RTC), focusing on: (1) the number of single-family properties acquired and sold, the losses associated with those sales, and current inventories and their geographical distribution; and (2) each agency's procedures for managing and selling single-family properties.

GAO found that: (1) FHA, VA, and FmHA actively pursued their property disposition functions; (2) from fiscal year (FY) 1989 through FY 1990, those agencies acquired about 606,000 single-family homes and sold nearly 595,000, with losses totalling more than $11.4 billion; (3) although overall sales lagged behind acquisitions from 1986 through 1988, sales exceeded acquisitions in 1989; (4) in FY 1990, sales outpaced acquisitions by more than 10,000 properties, resulting in an ending inventory of 62,000 properties, the lowest since 1986; (5) RTC managed and sold assets of failed federally insured savings and institutions, adding nearly 27,000 single-family properties to the federal total; (6) from January to September 1990, RTC sold nearly 11,200 single-family properties; (7) inventory levels of single-family properties at the end of FY 1990 were higher in states where there had been an economic turndown; (8) the four agencies similarly disposed of single-family properties, although some procedural variations existed; and (9) private-sector brokers performed most management and sales activities under the oversight of agencies' field office staff.

Jul 13, 2016

Jun 8, 2016

May 31, 2016

May 2, 2016

Jan 8, 2016

Sep 15, 2015

Jul 23, 2015

Jul 10, 2015

Jul 6, 2015

May 19, 2015

Looking for more? Browse all our products here