🧟 Zombies Properties and Distressed Hotels
From zombie properties to distressed hotels, the U.S. housing market is evolving. Plus, earn how homebuilders are enticing buyers in a cooling market.
The U.S. seems to have a case of the "walking dead" properties!
ATTOM, our trusty real estate data necromancer, just did a headcount and it turns out we have 1.3 million playing a game of hide-and-seek with their owners.
Even as sellers, faced with a cooling market, are finding new, generous ways to entice buyers.
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Most notably, homebuilders, who jumped into the pandemic-fuelled homebuying frenzy, are now having to offer freebies to shift their inventory.
This might range from covering closing costs to gift cards, and yes, even free cars!
Looks like the spirit of giving is definitely on the rise in the housing market!
In this edition of the AltReports:
🧟 Return of the Zombies
🏷️ Distressed Hotels
🎯 Recession Targets
💸 Discount Takeovers
🎁 Spike in Seller Concessions
One in 80 U.S. Homes Reported Vacant in Q2
Foreclosures are creeping up like a bad horror movie sequel.
We have a whopping 311,508 homes in the process of foreclosure in Q2 2023, a scary 20.2% increase from the same time last year.
Remember that pandemic foreclosure pause button? Yeah, well, the pause is over, and the banks are back in business.
Does opportunity knock for hotel investors?
Warren Buffet once said, "Buy when there's blood in the streets, even if it's your own".
Hotel owners, hit hard by the pandemic, now eye opportunities to consolidate while prices are depressed.
The pressing question, however: have we hit rock bottom or is this a potentially risky catch of a falling knife?
Best Bets For Real Estate Investors
Home prices have done a bit of a belly flop, dropping about 10% since their high-wire act in May-June 2022.
So keep an eye on growing markets because that is where the opportunities are going to be when the dust settles.
What else we are reading this week?
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