Jerry Wilson of Finance America discussion how he approaches helping self-employed borrowers that are seeking a new mortgage to purchase a new home or to refinance the one they are currently living in.
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According to the U.S. Foreclosure Market Report released by RealtyTrac, bank repossessions rose again last month, driving overall U.S. foreclosure activity to a 19-month high on an annual basis. The U.S. foreclosure rate in May was one in every 1,041 housing units with a foreclosure filing and a total of 126,868 homes across the country were at some point in the foreclosure process in May, up 1% from April and up 16% from the same time last year.
The increase in May was driven primarily by a jump in bank repossessions (REOs), which at 44,892 were down 1% from the previous month but up 58% from a year ago, and a 5% year-over-year increase in scheduled foreclosure auctions. The foreclosure activity includes foreclosure notices, scheduled auctions and bank repossessions.
Daren Blomquist, RealtyTrac Vice President said “May foreclosure numbers are a classic good news-bad news scenario, with the number of homeowners…
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(Above is a map detailing the investment purchases in 2014 by region.)
In a speech delivered earlier this year, Secretary for HUD Julián Castro, called 2015 “A Year of Housing Opportunity”. A recent report by The National Association of Realtors (NAR) revealed that investment home sales decreased 7.4% in 2014 to an estimated 1.02 million.
Lawrence Yun, NAR’s Chief Economist gave some insight:
“Despite strong rental demand in many markets, investment property sales have declined four consecutive years to their lowest share since 2010 as rising home prices and fewer distressed properties coming onto the market have further reduced the number of bargains available to turn into profitable rentals.”
This is great news for the housing market. If fewer properties are being sold to investors, they are instead being sold to American families who are entering the housing market in droves.
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