Foreclosures Rentals Drive Rents Down

The U.S. housing market is in a world of hurt. Bank owned homes (REOs) exploded to three-quarter of a million in the month of July, 2008. For real estate investors, watching the number of foreclosures grow generates emotions much like those experienced while attending a slasher movie. The number of homes taken through bank foreclosures is up 184% from a year ago. Yes, a higher proportion of properties that enter the foreclosure process are ending up repossessed by lenders. If anyone tries to tell you that the worst of the housing crisis is over point out that default notices are up 53% and notices of foreclosure auctions is up 11%. Lenders now own over 750,000 homes and the number is climbing. They don’t want those homes, they want to sell them. What happens when there is a surplus of anything? Prices go down and that holds true for foreclosed homes. Some lenders are cutting prices as often as every 20 days on their REOs. The book value of one to four-family homes owned by lenders... Read more »

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Foreclosures Rentals Drive Rents Down

The U.S. housing market is in a world of hurt. Bank owned homes (REOs) exploded to three-quarter of a million in the month of July, 2008. For real estate investors, watching the number of foreclosures... 

August 30, 2008 | Read the story »

Short Sales, Foreclosures And Bank-Owned Properties – Part 1

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Short Sales, Foreclosures and Bank-Owned Properties – Part II

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Just like any other lender, the Department of Veteran’s Affairs expects buyers to whom they lend money for property to pay their mortgages on time until the debt is paid off. Sometimes however, like... 

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