The fundamentals for this year seem to be looking pretty good. You might want to chalk that up to the “nowhere to go but up” syndrome but I think there’s more to it than that. Let me walk you through the basics for a second.
Last year the delinquency rate was 6.47% of all mortgages. That’s down sharply from 10.5% a couple of years ago. But foreclosures are still much higher than pre-crisis levels, nearly 2.5%.
So what kind of position are we in? Can we expect more delinquencies to slip into foreclosure or can we expect the foreclosures to clear the market leaving a pretty decent looking market?
The answer is – it depends. Some parts of the country, depending on legislation, will see foreclosures hit in a big way, meaning there’s lots of opportunity for savvy investors. On the other hand, some areas are going to see a strong recovery from the improving economy, which will mean, you guessed it – lots of opportunities for savvy investors.
So the bottom line is no matter which way your neck of the woods swings, there’s a strategy that’s right for you. I’m happy to teach you what you need to know to survive, so reach out and let me know what you want to get out of your business.