Information on HUD's Acquisition and Disposition of Single-Family Properties
RCED-95-144FS: Published: Jul 24, 1995. Publicly Released: Aug 4, 1995.
- Full Report:
Pursuant to a congressional request, GAO provided information on the Department of Housing and Urban Development's (HUD) acquisition and disposition of single-family properties.
GAO found that: (1) HUD spent nearly $14 billion to acquire, manage, and dispose of nearly 200,000 single-family properties it sold during fiscal years 1992 through 1994, and it only received $9.2 billion from the sale of these properties; (2) the median loss per single-family property was around $22,500; (3) HUD acquisition costs represented about 89 percent of its total costs; (4) HUD acquired an average of more than 63,000 single-family properties per year and sold an average of nearly 66,000 such properties during fiscal years 1992 through 1994; and (5) these single-family properties remained in HUD inventory about 5 months before being sold.