Stop buying overpriced listings and wait to find foreclosures....ATTOM: Fla. foreclosure starts up 35% in July
IRVINE, Calif. – Aug. 21, 2018 — ATTOM Data Solutions' July 2018 U.S. Foreclosure Market Report shows that foreclosure starts increased from a year ago in 96 of the 219 metropolitan statistical areas (44 percent) analyzed in the report.
Twenty-one states posted a year-over-year increase in foreclosure starts in July, including Florida (up 35 percent); California (up 3 percent); Texas (up 7 percent); Illinois (up 7 percent); and Ohio (up 2 percent).
Nationwide, 30,187 U.S. properties started the foreclosure process for the first time in July – a 1 percent increase over the previous month and less than 1 percent year-to-year. However, it's the first increase in foreclosures after 36 consecutive months of year-over-year decreases.
According to ATTOM's report, four Florida cities have seen a notable change in foreclosure starts over the past three months, including:
- MiamiMay: 4 percent increase
June: 35 percent increase
July: 29 percent increase
- JacksonvilleMay: 22 percent increase
June: 22 percent increase
July: 81 percent increase
- OrlandoMay: 12 percent increase
June: 22 percent increase
July: 41 percent increase
- Cape Coral-Fort MyersMay: 11 percent increase
June: 64 percent increase
July: 59 percent increase
"The increase in foreclosure starts is not just a one-month anomaly in many local markets given that July represented the third consecutive month with a year-over-year increase in 33 metro areas, including Los Angeles, Miami, Houston, Detroit, San Diego and Austin," says Daren Blomquist, senior vice president with ATTOM Data Solutions.
"Gradually loosening lending standards over the past few years have introduced a modicum of risk back into the housing market, and that additional risk is resulting in rising foreclosure starts in a diverse set of markets across the country," Blomquist says. "Most susceptible to rising foreclosure starts are affordability-challenged markets where homebuyers are more financially stretched and markets with some type of trigger event such as a natural disaster or large-scale layoffs."
You're preaching to the choir. :)
@Jack Bobeck Pretty crazy increases in the past few months!! I'm also investing in Jax, although now I live in Brooklyn NY. I'm originally from Florida. I have one single family rental purchased at the beginning of this year and looking to get another one now. So many of the listings are overpriced! Have you purchased foreclosures before? What's the best way of finding them? I'm wanting to get into foreclosures but a little lost there.
When interest rates start going up and some loans will mature, those who over leveraged themselves will feel the pain.
Best way to find foreclosures?
I have purchased from Auctions.com before, I have purchased from wholesalers and also from the bank. Find an area you want to invest in, have a Realtor build a search for you, for every new home on the market in the area, let them know your pricepoint and make sure you have the cash to close quick.
I'm not buying over priced listings, I'm raising cash, waiting to buy when they fall. They will fall, they always do at some point.
Thanks Jack!! I've contacted 3 different realtors and they a) weren't any help or b) weren't interested in working with investors. I will try auction.com I have the cash to close, I just need to find a small MFH in foreclosure.
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