Last quote by Daren Blomquist
Daren Blomquist quotes
Eventually there will be demand. Some investor will be interested in these properties given the environment we're in and also more interest in the urban infill type of developments.
We believe it's a combination of market conditions that are ideal for selling properties, along with political pressure for banks to deal with these properties and not allow them to linger in foreclosure indefinitely.
While responsible home flipping is helpful for a housing market, excessive and irresponsible flipping activity can contribute to a home price pressure cooker that overheats a housing market, and we are starting to see evidence of that pressure cooker environment in a handful of markets.
A telltale sign is when flippers are acquiring properties at or close to full market value. Those markets are so competitive that even the off-market properties flippers are looking to buy are not selling at much of a discount – and there may be very few distressed properties available.
The key here is that there is particularly a dearth of listed inventory in good condition. That is the inventory flippers are competing against when they sell.
Those lower value properties are appreciating at a slower pace, which is putting women homeowners further and further behind.
The water crisis didn't cause the root problem in Flint that's contributing to these high vacancy rates, but it's going to exacerbate the issue going forward.