Are There Any “Zombie Properties” In Your Town?

Today’s News Synopsis:

Vacant properties jump up from a year ago.  America has seen an increase in abandoned ghost towns, and Realtor.com came up with a list of the top five where you can actually buy a home.  More and more people are struggling to pay the rent as rents keep increasing.

In The News:

Freddie Mac – “Mortgage Rates Jump Across the Board” (10-26-2017)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing average mortgage rates hitting their highest marks since July.”

Redfin“Here’s the #1 Reason It’s so Hard to Find an Affordable Home” (10-26-2017)

“Today’s new construction homes become tomorrow’s housing market. Without affordable new construction, we find ourselves in a housing market marked by low inventory, high prices and bidding wars—and one where first-time homebuyers are often priced out.”

Bloomberg – “Rising Rents Are Pushing More Tenants Past the Breaking Point” (10-26-2017)

“Rents have increased rapidly across U.S. housing markets as the share of renting households has risen faster than the number of new units.”

ATTOM Data Solutions“Vacant Property Rate Increases From a Year Ago in 54 Percent of U.S. Local Housing Markets in Q3 2017” (10-26-2017)

“ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its 2017 U.S. Residential Vacant Property and Zombie Foreclosure Report, which shows nearly 1.4 million (1,367,793) U.S. residential properties (1 to 4 units) were vacant as of the end of the third quarter of 2017 — representing 1.58 percent of all U.S. residential properties.”

National Association of Realtors – “Pending Home Sales Flatten in September” (10-26-2017)

“Pending home sales were unchanged in September, but activity declined on an annual basis both nationally and in all major regions, according to the National Association of Realtors.”

The New York Times – “A Portrait of New Single-Family Homes” (10-26-2017)

“Homeownership may be the American dream, but what exactly does it look like? A two-story brick house on a standard suburban lot? A single-level, vinyl-sided ranch on a country acre?”

Realtor.com – “5 Ghost Towns You Can Buy Right Now, If You Dare” (10-26-2017)

“There’s something spooky about the sheer number of ghost towns in America. According to Wikipedia, there are over a thousand of these otherworldly, abandoned municipalities lurking across the country.”

Los Angeles Times“Forecast: California home prices will continue to rise in 2018” (10-26-2017)

“Home prices in California will continue to increase next year, but at a slower pace, said a forecast released Thursday by the California Association of Realtors.”

 

Bruce Norris will be speaking at the Cutting-Edge Financial Tactics Brunch on Saturday, October 28.

Bruce Norris will be speaking at the Cutting-Edge Financial Tactics Brunch on Saturday, October 28.

Aaron Norris will be presenting Technology Trends and Effects on Real Estate with LA South REIA on Monday, November 13.

 

Looking Back:

The latest Housing Demand Index from Redfin showed demand at its highest in 3 years the previous month, having increased 13.3% to 105.  The Mortgage Bankers Association reported a 4.1% decrease in mortgage applications as more people were hesitant to buy.  RealtyTrac also released a list of the top 18 places to rent where demand for rentals was strong and yields were higher.

 

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

 

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