Fannie Mae isn't holding back

Is Fannie Mae hoarding residential properties in Lee County?

Rumors have been swirling in the Cape Coral-Fort Myers area that the government-mortgage agency has been hoarding residential inventory it acquired in foreclosure, waiting for better times to sell. Real estate agents fear that such a large “shadow” inventory threatens to swamp the residential market and push prices down.

To get at the truth, Jeff Tumbarello, the director the Southwest Florida Real Estate Investment Association, searched Fannie Mae deeds since January 2009. “We could speculate or we could know,” he says.

Tumbarello's conclusion: “I see no evidence of them hoarding inventory.” Indeed, Tumbarello found that in the last 18 months in Lee County, Fannie Mae has been disposing of properties at roughly the same pace it has been taking them in.