Real Estate News & Trends To Watch Now
Here’s what’s happening in real estate this week, and what it means for real estate wholesalers…
Rents Are Up
US monthly apartment rents have risen by an average of 12% over the past year, with some landlords proclaiming they’ve managed to raise rents by 14%. Even in places like Rochester, NY and Allentown, PA rents are up around 20%.
Realtor Magazine says new movers are also prepared to pay 15% more than existing tenants this year.
It is a great year to be flipping to landlords, especially when it comes to vacant property, or those with leases expiring soon.
Even Will Smith and Jay-Z are getting in on the action; participating in a new $165M round for a rent to own fund.
Mortgage Delinquencies Are Down
Despite all the fear being spread in the media, and being used to force new policies, CoreLogic reports that mortgage delinquencies began turning around in April, with defaults falling in every state, except for WY.
New Foreclosure Moratorium
A combination of new mortgage servicing rules by the FHFA and CFPB are effectively creating a new foreclosure moratorium until 2022.
There are exceptions, including vacant property, and where borrowers have defaulted on trial loan modifications. These are likely to be the properties that make up much of the inventory for real estate wholesalers through the end of the year.
Biden Promises To Cut Mortgage Payments By 25%
The Biden administration just announced it will be cutting American’s monthly mortgage payments by 25%. It aims to do this via modifications, or providing second lien mortgage loans on millions of properties nationwide.
Of course, not everyone will qualify, and the disinformation could lead to a 2008 like situation where homeowners fail to act as they wait for a personal bailout that never comes.
The New Infrastructure Bill
The giant new infrastructure bill not only dedicates $109B to roads, which have clearly gone out of fashion for most future thinking international cities, but also gives the IRS $40B specifically for enforcement, and to chase down more revenues from taxpayers. The hope is that this will raise an extra $100B in cash to spend. Make sure your accounting is clean, up to date, and you’ve paid your taxes.
Top Funding News
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"I want thank you for the excellent service I received from Best Transaction Funding.The quick response I received from your company from the beginning of the transaction and to the end was unbelievable. I also want to give a special compliment to you as well. You went to great lengths to keep me informed and gave my title company all the information they needed to complete a successful closing. I cannot express how thankful I am. Such service builds great working relationships. I will definitely recommend Best Transaction Funding to all my fellow investors. Thank You."
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