ATTOM, a leading source of real estate data, released its January 2024 U.S. Foreclosure Market Report recently. There were 33,270 properties with foreclosure filings, 10% higher than stats for December 2023. The biggest hikes in monthly foreclosures for January included: MI (up 200%); MN (up 47%); CA (up 43%); PA (up 36%); and MI (up 34%). For our investors, this means more potential properties to fix and flip.
According to the National Association of Home Builders, the pace of newly built home sales rose last month, up 1.8% from January of 2023 and up 1.5% over December.
New single-family home inventory in January was at 456,000, an increase of 3.9% versus a year ago. NAHB reports this represents an 8.3-month supply of new homes if builders keep up their current pace. January’s median new home sale price in was $420,700, up 1.8% from the previous month.
Thinking of building a new construction home to flip or rent? RFG’s Ground-Up loans, which have NO LTC Cap, are perfect if you’re building 2-4 units of non-owner occupied properties. Our Ground Up Construction Loans are a quick, smart and effective alternative for financing construction costs prior to transitioning into a long-term loan.
This 3-story twin home was just about in foreclosure.
Some updates had been started, but were never completed. There was wallpaper everywhere, but the house had nice bones — hardwood floors, clawfoot bathtub, and a clay tile roof. The roof required $10k in repairs. While that would have sunk most projects, Demery’s detailed budget had built in a margin for contingencies. She moved forward with the rehab, and netted a handsome profit.
