VA Property Sales Mark Banner Year

January 1, 1996

The U.S. Department of Veteran Affairs' inventory of defaulted residential properties dropped to its lowest level in 14 years at the end of fiscal year 1995, thanks, in part, to increased support of the VA's real estate-owned (REO) sales program by real estate brokers and sales associates, VA officials say. The fiscal year ended Sept. 30.

During fiscal year 1995, VA regional offices sold 24,686 properties, generating $1.6 billion in proceeds. The VA ended fiscal year 1995 with 9,321 properties. The banner sales year marks the first time the VA's inventory of acquired properties has been less than 10,000 since 1981.

VA attributes its sales success to real estate broker support, streamlined sales processing and more advertising.

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