HUD Home listings appear to be trending a rise. I think this is due to the lack of FHA lending between 2002-2006. FHA started to gain some steam when the conventional 100% stated income loan started it's demise in 2007. In the last several years we have cycled through refi's and purchases between 2002-2005. The defaults we are seeing now are newer defaults - ones that were bought or refinanced in 2007 or 2008.
Trustee Sale Flips
Infiltrating the Market
Trustee sale flips are slowly gaining their ground and have been for months. I expect to see a larger percentage of these types of investor resales as the FHA anti-flipping ban has been relaxed for a year. Banks seem to be eager to want these things off their books for good and allow all cash investors the opportunity to take over the risk of rekey, evictions, listing and possible declining markets.
Not only do I spend a little time by pulling statistics to add monthly market reports to my blog but I actively work with buyers and sellers in my market.
I also perform 100+ BPOs a month. BPOs are "Broker Price Opinions" which basically help the banks & investors for pricing on their "assets" (homes.) I think this is the perfect way to gain market insight.
I currently carry five real estate designations/certifications (ABR, AHWD, RSPS, SRES & SRS) and I am seeking 4 more by the end of 2010. You may view definitions for those designations right here on my profile!
With the spring buying and selling season upon us, it is essential to start interviewing your potential Realtor to see if they have the current market insight and knowledge necessary to bring to your transaction.
Renee - Your informative blogs have never failed to impress and educate me. I like this one so much that I'm going to tweet it!
Renee - I totally agree with your assessment regarding the increase in HUD homes as their market share increased and unfortunately so did the defaults on early originations in late 2007 and 2008. Keep an eye out for lenders/brokers who are currently offering financing under the relaxed flipping rule. Thus far we have not seen many investors jump on the bandwagon. Even one already suspended the program last week. Probably just a "bump in the road" and hopefully the program will be going great guns in the coming weeks. Take care. ~Doug
OMG 100 BPOS a month???That is insane...I sure do trust you and your numbers :-)
There's an agent in my office trying to break into the BPO business. What specific services/companies are you getting 100+ BPOs per month from? Are you using an email autoresponder or some other method?
Hi Renee: You are definately one of the hardest working agents I have ever known.
Favor: You wrote a blog about where investors can get bank owned homes.....can you please forward me the link to that blog? I would really appreciate it....Thank you!
Your market sounds a lot like ours. There are not a lot of homes for entry level FHA buyers, the cash buyers are snatching up everything.
Renee
You are one busy lady; HUD properties are great sellers and I think they are just going to get that much beter and better. Lars says woof to you and hope all is well.
Hi Renee,
I don't know your market but I think you are probably right. I'm sure if I did a study here in FL...we'd have similar numbers.
Nevin: So you were the one to thank for all the new followers today, Thank you, Thank you, Thank you! I believe you are a wealth of 411 in the mortgage world as well!
Cari & Doug: SPOT ON, I LIKE YOU!! You are right, I do suspect lender overlays on the program.
Kristin: I am a little psycho for liking them so much ;) If you think about it, it is only about 3 per day. Most are in a 2 mile radius of my home so 2-3 hours a day is consumed with BPOs!
John: I hope that email helped. I won't be giving out who is feeding me, they just have to sign up for themselves and figure out who will give them a chance at life ;)
Jane: Lemme go look. It's way in my july/august or sept archives!
Gene: BINGO!
Tom: They are good sellers! Tell Lars Woof Back and give him a courtesy scratch behind his ears from me!
Neal: OH I am sure. Our markets mirrored upward and downward trends. Don't know whether to follow that with an "LOL" or a "BOO HOO" :wink:
Renee,
Thus far strong buyer interest in Vegas real estate market is a blessing, that demand keeping the inventory reasonable up to now.
Renee - Hard for us to see a quick appreciation in the near future. We never had the big jumps anyway. Unfortunately we are a little flat. Wishing for a little more hope and change. But I digress.....
Renee this is an excellent and well written market overview. What I like most is your statement "but I actively work with buyers and sellers in my market." and you are so right. People, agents, investors...whoever can sit in front of a computer looking at statistics and get a "snapshot" of the market but when we are out there everyday looking at the market from both a sellers and buyers viewpoint, it's makes for a clearer picture of what the market is really like as well as where it is trending! Nice job!
Thank you for the nice words Renee. I enjoy reading your posts as well as the formatting you do. Gotta say I do like the cocktail icons! And with this comment we reach a 20K milestone! Have a great day. ~Doug & Cari