Banks Hold $41b That Could Be Yours
Just take a wild guess how much foreclosed property US banks are holding right now?
Come on, pick a big number.
Ready? It’s $41.5 billion!
Yep, that’s actually up 12.5% from the end of last year. It was “only” $36.9 billion back then.
But don’t worry, these abandoned properties only represent 0.3% of what the banks are worth, so I wouldn’t be too concerned.
However, what this means for us is definitely something that concerns me. I mean, do you know how this will affect you? Do you know how to move in and make the most of these golden opportunities?
And get this, do you know what kind of properties are being foreclosed on these days? It used to be family homes (1-4 family properties) that were the bulk of the defaults. But now, 40% are construction and development properties!
Some more numbers that might surprise you:
- Commercial real estate is 18% of the foreclosure market
- multi-family is 6.1%
- farmland is only 1%
Guess the farmers aren’t too badly off, but businesses are getting it pretty hard.
But okay, you’ve seen the numbers, but what are you going to do about it? There are tons of killer properties and investing opportunities out there for you. And there are lots of people who need to get out from under a bad mortgage.
You can help all of those people and make a nice profit for your own pocket.
I’m getting moving right now (well, maybe after a few more words). Aren’t you?
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