GAO report cites inaccurate information about federal property

Published: Thursday, June 21 2012 7:42 a.m. MDT

A new report from the Government Accountability Office shows that the government knows very little about the condition and use of properties it owns.

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Our take: The federal government is the country's largest holder of real estate, but a new report from the Government Accountability Office shows that the government knows very little about the condition and use of properties it owns, Jonathan OConnell writes at The Washington Post.

"The federal government is the country's largest holder of real estate, with nearly 400,000 properties that it owns or leases, and President Obama views the properties as presenting opportunities for cutting costs. In 2010, Obama issued a memorandum requiring agencies to achieve $3 billion in real estate savings by the end of fiscal 2012."

"GAO researchers found that despite warnings that property information and management were flawed, the government knows very little about the condition and use of properties it owns. The problems also persist despite efforts to create a central database that would facilitate the sale or lease of properties that the government does not need or use."

Read more about government property on The Washington Post.

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