Bank Repossessions Set Record
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Banks and lenders are taking possession of houses at a record pace in August. The increase was 3 percent from July and stands at 95,364.
Default notices decreased slightly. Real estate experts suggest that this is because lenders are working through their backlog, and are trying not to flood the market with houses.
The bank repossessions (REOs) represent a great opportunity for first time homebuyers to get a good deal on a house. Real estate investors also like to tap into this inventory of houses. Lenders are usually in a rush to sell off repossessions. It’s not uncommon to buy a REO at 50 percent lower than the market value.
Investing in real estate can provide a good living. If you are handy with tools and don’t mind getting dirty, this could be the beginning of a new career.
The housing market recovery is a major concern for homeowners and real estate investors. If you are an investor, you buy, you fix, you sell. In today’s market many investors have to rent the property and wait until the market picks up before they can sell at a good profit.
Fewer than one-third repossessed by lenders are on the market, said Rick Sharga, a senior vice president at RealtyTrac.
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