Just under a quarter – that is 24.6% – of all single family home and condo sales in May were all-cash purchases, down from 28.5% in the previous month and down from 30.4% a year ago. Distressed sales are drying up. Want to know more?
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.
Layton has over 35 years of experience in financial services and as a corporate leader. He worked for nearly 30 years at JPMorgan Chase and its predecessors, starting as a trainee and rising to vice chairman and member of the three-person Office of the Chairman, retiring in 2004..
"The questions become, ‘Do the courts find a distinction between housing policy and lending, as in whether to make a loan and how you price that loan? Does the government get broader discretion than the private sector?’ ” Andreano said. “It’s not fleshed out.” Read More