Hundreds of Homes Coming to the Auction Block
Detroit recently announced hundreds of homes being lined up for auction from as little as $1,000 each.
One of the newest comers to the mix is New York. The State is finally closing on its first rounds of acquisitions of Sandy area properties, hundreds of which are planned to be auctioned to investors for remodeling and re-building.
Even sizzling hot San Diego County, California which has reported one of the strongest property markets, and which he media has pointed to as one of the tightest for housing inventory could be lined up to offer thousands of homes. RealtyTrac reports the county still offers sizable foreclosure savings in excess of 22%, with the discount widening in favor of investors by double digits in 2016. UT San Diego reports more than 37,000 homeowners owe over $88M in back property taxes which could put them on the foreclosure train, if they aren’t already headed to the auction block.
Underwater Homes, Late Payers & REOs
Despite the huge run up in Southern California home prices over the last couple of years, and rumors of bidding wars, UT San Diego reporters say local home prices are still 50% below their peak.
Trillions have been added to U.S. household wealth from rising home equity since 2008, yet there are still just under 10M American homes underwater on their mortgages. Many still may walk away from these homes, or be squeezed into foreclosure as banks become less lenient on late payers. Apply now to see if you qualify to snack some of these properties up.
The Distressed Pro blog which compiles mortgage data from banks showed around $6B to $7B in residential REOs still on the books of U.S. banks at the end of the first quarter 2016. This represents just around 30% of all REOs, and doesn’t count non-performing loans piled up behind them.
Even though foreclosure continue to spike in some regions RealtyTrac does show foreclosure activity down slightly year over year. According to the data compiler the top 5 states for foreclosures in December 2015 were Florida, Maryland, Nevada, Illinois and Ohio. 1 in every 436 Florida housing units received a new foreclosure notice in May. In many central Florida counties pre-foreclosure rates still appear to be at peak levels with around 1 in every 299 units receiving a foreclosure notice last month.
Market Wide Open for Savvy Investors with Access to Capital
According tothe National Association of Realtors 2015 Home Buyer Profile report regular home buyers are showing less interest in trying to chase down distressed foreclosures. This could be a combination of believing there aren’t many available, as well as having experienced very deeply distressed units or hassles with short sales. Big equity funds are out of the competition too, and instead are now funneling their funds down to investors to help rather than competing with them. Compare our rates to get in on the game.
This leaves billions of dollars in discounted properties up for grabs for income investors with access to capital. Thanks to new Buy to Rent mortgage programs from RentalHomeFinancing.com that cash is available for bulk buying and locking in both passive wealth building and long term passive income generation.
Apply now or call us today at 888-375-7977.