Includes among the amounts the Administrator is authorized to obligate from proceeds from the disposition of excess real property: (1) amounts to pay the costs related to identifying and preparing properties to be reported excess by another agency; and (2) amounts to pay the costs associated with the reversion, custody, and disposal of reverted real property. Revises requirements for federal agency retention of proceeds from the transfer or sale of excess real property.

Provides that requirements under the McKinney Vento Homeless Assistance Act for the use of public buildings and real property to assist the homeless shall not apply to certain non excess federal buildings or real property selected for demolition.

Federal Real Property Disposal Enhancement Act of 2008 - Expands requirements for the identification and disposal of excess federal real property to require the Administrator of the General Services Administration (GSA) to: (1) issue guidance for the development and implementation of real property plans, including recommendations on how to identify excess properties, evaluate disposal costs and benefits, and prioritize disposal decisions based on agency missions and anticipated future needs for holdings; (2) establish and maintain a single, comprehensive, and descriptive database of all federal real property assets under the custody and control of all executive agencies, other than assets excluded for national security reasons; (3) report to the House Committees on Oversight and and Government Reform and Transportation and Infrastructure and the Senate Committees on Homeland Security and Governmental Affairs and Environment and Public Works annually for five years on agency efforts to reduce real property assets; and (4) assist agencies in the identification and disposal of excess real property.

Includes among the amounts the Administrator is authorized to obligate from proceeds from the disposition of excess real property: (1) amounts to pay the costs related to identifying and preparing properties to be reported excess by another agency; and (2) amounts to pay the costs associated with the reversion, custody, and disposal of reverted real property.

Expands requirements for the use of net proceeds from the transfer or sale of excess real property assets.

Exempts in FY2009 and FY2010 certain eligible properties from requirements under the McKinney Vento Homeless Assistance Act for the use of public buildings to assist the homeless. Defines as "eligible property" a property (other than Department of Veteran Affairs property): (1) that is selected for demolition, located on land not determined to be excess for which there is an ongoing federal need, and not to be used in any lease, exchange, leaseback arrangement, or service agreement; and (2) that is located in an area to which the general public is denied access for national security reasons or that is uninhabitable, not a housing unit, and selected for demolition by an agency.

Requires notification to Congress of properties demolished and scheduled for demolition and the publication of a list of such properties on the GSA website.