🚨 Foreclosures Soar: Cook Tops the Charts!
Foreclosure frenzy sweeps top counties
In April 2024, Cook County, Illinois, and Los Angeles County, California, took the dubious honors of leading the U.S. in foreclosure starts.
As more counties like Maricopa, Clark, and Harris join the fray, the landscape is ripe for investors looking to snag deals amid the chaos.
Meanwhile, home values are taking a nosedive quicker than a clumsy skydiver, forcing sellers to slash prices to levels that might even make a bargain hunter blush.
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From Boise to Austin to Tampa, it’s raining discounts, and the rental markets aren’t left out, with landlords practically begging tenants to stay.
And let's not forget the Canadian market, where housing prices have crashed spectacularly from their peak.
In this edition of the AltReports:
📉 Crisis Counties
💸 Market Madness
🔍 Property Pop
🐌 Slow Sales
🎈 Bubble Burst
Video of the Week: CRE Maturity Wall Taking Down Second Largest Real Estate Firm
Chart of the Week: Losses Pile Up in Top-Rated Bonds Backed by CRE Debt
Podcast of the Week: The Perfect Blueprint To Scale Quickly In Real Estate
Top 10 U.S. Counties with Greatest Numbers of Foreclosure Starts in April 2024
Cook County, Illinois, topped the list with 1,560 foreclosure starts, followed by Los Angeles County, California, with 1,264.
The data also spotlighted Maricopa County, Arizona; Clark County, Nevada; and Harris County, Texas, as areas with fast-growingt foreclosure starts.
The figures indicate a growing instability in the market as more properties enter the foreclosure pipeline.
Top-rated CRE Bonds are Getting Hit with Losses.
Even AAA-rated real estate bonds are learning about gravity—the hard way.
Take the 1740 Broadway note: it tanked, losing big and marking the first major hiccup since 2008.
The scene’s messy: $700 billion in CMBS and $3 trillion in other mortgages are teetering on the edge.
Opportunity Zone Home Prices Mixed but Still Keeping Up with Nationwide Trends
ATTOM's report on Opportunity Zones highlights certain figures that will significantly impact the rest of the market.
These zones showed a mix of growth and decline across key metrics like home price appreciation, sales volume, and investor activity.
Overall, while Opportunity Zones present lucrative possibilities, they also come with inherent risks.
Sales of Newly Built Homes Tank in April
In April, newly built single-family home sales dropped 7.7%compared to April 2023.
Looks like high construction costs and steep mortgage rates are chilling buyer enthusiasm.
Inventory levels hit 480,000 homes, translating to a 9.1-month supply at the current sales pace.
The Most Splendid Housing Bubbles in Canada: Prices -14% from Peak
The latest data from Canada shows that the spring housing market rally has fizzled out across major cities.
Prices for homes are now down by 14% from their peak in February 2022, falling below September 2021 levels.
Despite interest rate hikes and government interventions, affordability remains an issue, and the market has failed to regain momentum.