At some point, buying a house at ridiculously low distress sale foreclosure prices is going to be serious competition to the rents.
There is still a big imbalance between the cost to rent and own in Socal.
At some point, buying a house at ridiculously low distress sale foreclosure prices is going to be serious competition to the rents.
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The titles are clouded , the previously foreclosed houses are unsalable except for cash only and with a “special warranty deed” meaning once you pay all the title problems are yours except for the few weeks/months when the person you just bought from owned it.
The only buyers are “investors” ,, not regular retail purchases..
doubtful. Too many people with ruined credit.
i thought so but plenty dont qualify.
First the banks have to foreclose. From what I can tell anecdotally, there are a lot of unforeclosed-upon properties still out there. I don’t understand the banking business well enough to know why. Part of it might be the system is overwhelmed, part of it the issue of poor documentation slowing the process, part of it that when they foreclose, the banks have to take the write-off. Or at least that is my guess.
My son rented a piece of crap house w/4 bedrooms and a lot of room for all his stuff right off the freeway for 1300 bucks a month.
I recently, strongly suggested that he buy a house. He got a 3 bedroom, 1/3 acre, fully fenced with a large well-built storeroom. It has a new gas furnace and refrigerated air that the inspector said probably cost 12K. It is in great shape because all the things that were wrong with it his lender forced the owner bank to fix. His payment is 700 bucks.
The only bad thing is they must have watched DIY shows because the colors are horrid. He is painting everything white.