Flippers Fuel Foreclosures
This article from CNN Money points out a different angle of the nation's current situation with record levels of foreclosures. In some of the states hit hardest, as much as 1/4 or 1/3 of the foreclosures and mortgage delinquencies are from non-owner-occupants (i.e. investors).
When reading about foreclosures on the rise, we usually picture regular people losing the family home. However, a lot of these foreclosures may be flippers who took a gamble, lost big time when the market cooled, and simply walked away.
Just in my own neighborhood of Loveland/Miami Township, I've watched several situations over the past couple years where a flipper fixed up a home, only to have it languish on the market for a long time, not selling.
READ THE STORY
When reading about foreclosures on the rise, we usually picture regular people losing the family home. However, a lot of these foreclosures may be flippers who took a gamble, lost big time when the market cooled, and simply walked away.
Just in my own neighborhood of Loveland/Miami Township, I've watched several situations over the past couple years where a flipper fixed up a home, only to have it languish on the market for a long time, not selling.
READ THE STORY
Labels: foreclosures, house flipping, real estate investing
posted by Jamie Mandel | 9:39 AM
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