Foreclosures Spike in December 2009, More Investors looking at Rental Properties
2009 capped a record year for U.S. foreclosures as filings spiked in December hitting 350,000, while the 12-month calendar total is estimated at 2.8 million. This after the real estate industry saw 4 months of consecutive declines in filings beginning August of ‘09. The speculation remains that the numbers would have been far worse if not for industry and legislative delays in processing loan defaults and delinquencies, so the backlog for lenders filing actions for first quarter 2010 will continue to grow.
The state of Arizona accounted for 6% of the Nation’s total foreclosure filings… rounding out the top 3 Nationwide.
Home Building is down 85% since 2005…
Unemployment is at 9.1%…
Home values declined 50% in nearly 3 years…
There’s really no sugar coating it… times have been tough on many. But historically speaking, it’s often been the rough patches in our capitalist free markets that has provided the platform for acquiring high value assets at bottom dollar.
Let us not forget how we’ve come to be the wealthiest nation on the planet… will and perseverance, hard work and jumping on opportunity.
We are seeing the Phoenix housing market stabilize as values have increased 7 consecutive months. HUD has lifted the 90 day anti-flipping rule opening up the market, allowing first-time home buyers access to newly remodeled homes in well-kept neighborhoods, while opening the door for an increase in investor contributions towards restoring certain dilapidated neighborhoods and sparking revitalization.
Lot’s of fix and flip investors have begun seeking out properties in strong rental districts more and more these days. Many folks out there may be leasing for a substantial amount of time.