As you may have heard, despite the US Supreme Court has issued a stern directive not to do so, the Biden administration extended the moratorium on evictions. (And make no mistake about it, this isn’t a partisan issue. After all, it was the CDC under Trump who started this.) The moratorium has been in place for 18 months and will now continue through October 3. Hmmm, maybe. We’ll see.
And all this time, mom n’ pop owners of rental properties have been without income—no money in. BUT lots of money going out. Think property taxes, insurance, utilities, lawn mowing, repairs, and more. How’s that work? It doesn’t. It’s that simple. It doesn’t. One of my clients had a duplex. Neither side was paying. For six months or more. When they finally vacated, the one side left a $10,000 cleanout and repair job for my client to pay.
The moratorium pretty much guarantees that only corporations like the ones I wrote about last week can afford to be landlords. This is an attack on private property rights. Enough is enough. It’s time to let your elected reps know that they need to be protecting private property rights. Do it now.
The year end report for the central Indiana market is just out, and the number of foreclosures has continued to decline. They comprised just 7% of all closed sales in 2016, and inventory fell 38% year-over-year; making the year end foreclosure inventory the smallest this century.
Somewhat surprisingly, the median average sale price dropped 4% to $65,000. One would’ve thought that with declining inventory the average price would have risen— especially since the average price of all other houses rose double digits.
If you’d like more info on the foreclosure market or on how might affect you— call me. I work harder to make good things happen!
MIBOR reports the number of foreclosures listed for sale has continued to shrink. The number available at the end of Q3 was 456; which is down 21% from a year ago. As with the rest of the market, new listings are not keeping up with closed sales, resulting in shrinking inventory.
While the rest of the market has been seeing a rise in prices, the average price of the sold foreclosures was down 10% from a year ago. Foreclosure listings are largely concentrated under 75k, with almost none available above 175k.
Can you still find a good deal in the foreclosure market? Yes, but… you may need to do more than carpet and paint, and most definitely you will need to move fast. The good ones don’t last long. If a foreclosure is what you’re looking for, say the word. I can certainly help you get a good one. ‘Nuff said.