Investors Selling Faster than Bank REOs
Investors are reselling foreclosure properties at a rapid pace in states along the country’s Western seaboard. In fact, they’re moving distressed homes faster than lenders, according to a new report.
The report says the one consistent market statistic in all five western states (Arizona, California, Nevada, Oregon and Washington) during the month of May was a drop in how long it’s taking foreclosure investors to resell properties.
Their shorter “turn time” from buy, fix to sell is partially due to some increased spring selling activity, but has more to do with an overall lack of quality, affordable homes for sale in general.
Here is how long the buy, fix, resale timeline is taking in the west:
- Arizona: Investors at 95 days, down 10% from month prior. Bank owned homes are taking 150 days.
- California: Investors at 134 days versus bank owned homes taking 227 days.
- Nevada: Investors at 102 days versus bank owned homes taking 177 days.
- Oregona: Investors at 122 days versus bank owned homes taking 208 days.
- Washington: Investors at 164 days versus bank owned homes taking 212 days.
Investors have become better at turning a foreclosure into a marketable property that attracts buyer interest. Plus, delays in the foreclosure process from recent robo-signing moratoriums have left fewer affordable homes available for sale.
Foreclosure investors may be the only winner so far benefitting by being able to resell homes purchased in foreclosure little more quickly than the rest of the market.
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