Iowa home sales were just reported as up by 4.1%. Compare that to 41 other states that were down and we’re looking great. Florida is down 41%, Nevada 37%, and Arizona 23%.
Today’s Countrywide Mortgage news showed that the company could be in trouble too. I think the worst of this market has yet to emerge. People are starting to "know people who have good income and decent credit that can’t get loans". The next thing is that you’ll have acquaintances or friends that enter foreclosure and must walk away since they’re upside down.
These are the "slow bubbling downers" that are making their way to the top of the barrel. The rental market should really be boosted by these factors.
Additionally, I think there are builders out there with massive inventory yet totally stagnate. Resales are probably happening for less than new home listings, etc. When those guys go public with their problems, the gettin’ could be good for investors.
Do you know anyone in the market for an executive/family/high end rental…like the $1500/mo 4+ bedroom type with full service? Please let me know if you do.
My how lending times have changed. Before: Pulse = massive loan. Now: great credit, great income = maybe.