😱 Foreclosure Frenzy & Big Apple Bargains
Ride the Wave of Rising Foreclosures – Expand Your Portfolio with Distressed Assets.
Halloween was in full swing with all these homes turning into "zombie foreclosures."
For folks like us, it's an open door to some pretty juicy deals.
More and more houses are just sitting empty, and the banks are eager to get them off their hands.
But wait, there's more brewing in the Big Apple.
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New York Community Bank is feeling the heat with a spike in bad loans – we're talking about a jump to $26 million.
It's bargain time in one of the busiest markets in the country.
NYC could be your playground if you're ready to play the game and score some high-rise steals.
Now’s the perfect time to dive in and ride this wave all the way to the bank.
In this edition of the AltReports:
🧟 Zombie Zest
🏢 Bankrupt Buildings
📉 Shrinking Affordability
🔥 Inventory Inferno
🤐 High-tax hideouts
Video of the Week: Foreclosures Outpacing Home Purchases
Chart of the Week: Jobs Report Shows Classic Recession Signal
Podcast of the Week: 7 Building Blocks of a Deal
Zombie Foreclosures Rise As Lenders Pursue More Delinquent Mortgages
Brace yourselves! The ghosts of the 2008 recession are rising from the dead with homes sitting vacant and creeping into foreclosure.
The boffins at ATTOM revealed that 1.27% of American homes are vacant, or one in 78 if you're not a numbers person.
Meanwhile, the prospect of foreclosure is crouching at the door of 320,765 residential properties, up 1.7% from the last quarter and 12.8% from last year.
NYCB Reports Surge in Bad Debt-Driven by Office Defaults
New York Community Bank charge-offs shot up to $26 million in Q3, a mind-boggling leap from a tiny $1 million a year back.
The worrying part?
The bulk of NYCB's loans are on properties in NYC, where values are predicted to drop like a hot potato.
As Mortgage Rates Hit 8%, Home Affordability is Incredibly Difficult
With mortgage rates hitting a high not seen since Y2K was still a thing, shacking up in an average American home now needs around $114,627 in annual earnings.
You want some salt for that wound?
Wages are rising slower than housing costs.
The Upside of 8% Mortgage Rates? More inventory
With overzealous rates and the housing market seemingly chugging energy drinks, it was anticipated we'd see a lower inventory this year.
But, turns out, 8% rates do have some pull, and they're starting to coax out more inventory and slow down the party.
The number of new listings has hit a historical low, but it might just be scraping its way up in the coming spring-summer months of 2024.