😬 Distress Dive: Foreclosures & Defaults!
Q2 reveals a wave of prime investment potential!
Foreclosures are making headlines again, folks. The recent numbers from the big banks show a new batch of almost 7,400 properties getting the red mark.
That's a sea of potential waiting for the right investor to dive in. Now, if you thought that was all the drama in the market, wait till you hear about the commercial side of things.
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San Francisco and Silicon Valley offices are as empty as a movie theater on a Monday morning.
Sky-high rents and companies realizing they're shelling out for space they hardly use?
It's a wild market out there, but for the keen-eyed distressed asset investor, it might just be a gold mine.
In this edition of the AltReports:
💣 Foreclosure Fizzle
⚠️ Default Drama
🌡️ Mortgage Meltdown
💢 Rate Rage
💸 Affordability Annihilation
Video of the Week: Why The Housing Crash Will Be Worse Than 2008
Chart of the Week: Bank Credit is Officially Contracting
Podcast of the Week: How to Stress Test Deals
So, it’s scorecard day in the land of big, bad banking, with the Office of Junior Money Jugglers (aka OCC) spitting stats for Q 2 of 2023.
Almost 97.3% of mortgages were labeled “good little payers”, slightly down from last quarter’s 97.6%.
The naughty corner for mortgages sitting at 60-plus days overdue remained the same as last quarter, but a dip slightly from last year.
San Francisco offices are becoming about as popular as a root canal.
The office availability in the city peaked at a whopping 36.3% in Q3—probably because companies realized paying an arm and a leg for space they don’t need is a royal waste.
While landlords are still asking for sky-high rents, the reality is pretty as many of them are defaulting left, right, and center.
As fixed mortgage rates close in on 8%, loan officers are grasping at straws as their clientele dwindles.
Officers mostly serving move-up buyers are particularly hard-hit, while those working with first-time buyers, offering FHA loans and down payment assistance, get by.