Vandalism and break-ins can be a big problem for investor-owned and REO portfolios, and one former home flipper developed a solution after he realized that alarm systems don’t really offer any protection.
Despite rising rents, investors still prefer fixing and flipping houses as opposed to buying a house for the purpose of renting it out, according to a new report from Auction.com. But results vary depending on whether the house was purchased at a live auction or an online auction.
The drop from 2013’s total of cash sales marks the 23rd straight month that the amount of cash sales has fallen year-over-year. November’s figure did rise slightly from October’s total of 35.5%, but CoreLogic notes that an increase in cash sales is typical in the fall and winter months.
Institutional investors — entities that purchase at least 10 properties in a calendar year — accounted for just 4.3% of all sales of single family homes and condos in the second quarter, according to RealtyTrac’s third quarter 2014 report.
One of the early alarm-sounders on the rise of REO-to-rental is trying to fire up the discussion over what he sees as a potential threat to the housing market in the rise of investor-owned rental homes and the securitization of REO.
Pending home sales fell for the eighth straight month, down 0.8% from the downwardly revised January report and down 10.5% from February 2013, according to the index from the National Association of Realtors.
All-cash sales accounted for 44.4% of all U.S. residential sales in January, the seventh consecutive month where all-cash sales have been above the 35% level. Cash sales are usually investor buyers, be they individuals, mom-and-pop investors, or institutional.
The CFPB left the grace period open-ended and most in the industry interpreted that to mean that it will last throughout the rest of 2015, at least. Unfortunately, as welcome as that grace period is, TRID remains a costly and complicated fix that has enormous implications for the whole industry..
“Bad letters damage the brand,” Katherine Porter says. “There’s a contagion effect of this. I think bad letters are unjust. They disproportionately harm the borrowers we need to help the most.” Read More