Property Disposition: Information on Hud's Acquisition and Disposition of Single-Family Properties

Property Disposition: Information on Hud's Acquisition and Disposition of Single-Family Properties
ISBN-10
1289095256
ISBN-13
9781289095253
Pages
56
Language
English
Published
2013-06
Publisher
BiblioGov
Authors
U. S. Government Accountability Office, U S Government Accountability Office

Description

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.

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