Wall Street landlords: These four companies have spent billions on distressed homes in the US

Ray McMillan Mortgage Team

housing foreclosure

Photo: Silva/Flickr

Wall Street landlords: These four companies have spent billions on distressed homes in the US
By: Monika Warzecha  January 2, 2015

At the end of third quarter of 2014, the Census Bureau reported that the US home ownership rate hit 64.4 percent, the lowest level for the country since the first quarter of 1995. While individuals might be standing on the sidelines of the housing market, investment firms, real estate trusts and Wall Street institutions have been scooping up distressed houses — those in the foreclosure process or bank-owned — in bulk and renting them out.

More recently, sales of these problem properties are trending downward. According to the latest numbers from RealtyTrac, a real estate information company, distressed home sale and short sales  – where the proceeds from selling the property will fall short of the home’s balance of debts – accounted for 12.6 percent of all residential property sales in November. That…

View original post 1,007 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s