Tags: Owner Financing

New Opportunities Available at CastleRock REO

With 2018 coming to a close, it’s now been more than a decade since the infamous housing bubble burst of 2008, and we’re noticing an interesting shift in the national real estate market.
Foreclosure filings continue to decrease nationwide

Interestingly, foreclosure filings in the US have continuously slowed down in the recent past, with this trend continuing throughout the first half of 2018. In fact, according to ATTOM Data Solutions’ recent findings, the number of US properties with foreclosure filings in the first six months of 2018 was 15% lower than the same time last year, and a shocking 78% lower than during the first six months of 2010. So far this year, every state except for New Mexico has experienced a YoY decrease in the number of homes being repossessed by lenders.
Considering that the national foreclosure rate has officially reached pre-crisis levels, it’s safe to say that the inventory of previously foreclosed homes for sale is quickly diminishing throughout the country and will likely continue to do so.
What this means for CastleRock and our clientele

As you may know, CastleRock has specialized in the purchase and sale of distressed properties for nearly a decade now. With most of our clientele consisting of savvy real estate investors, we also sell a number of these “fixer uppers” to owner-occupant buyers. While we will continue to offer distressed homes in our nationwide inventory, we’re excited to share our plans to begin buying and selling occupied homes as well.

Despite distressed properties’ seemingly low upfront cost, buyers of these homes can always expect to spend thousands of dollars more on renovations and, in many cases, rectifying owed back taxes. For this reason, estimating the true cost (and potential ROI, for investors) of a distressed property can actually be quite difficult; there’s simply no way to guarantee how much work a distressed home will need until the renovations begin.

Alternatively, occupied homes usually don’t require extensive improvements or upgrades, and the true cost of these properties therefore tends to be more transparent. While some minor repairs or cosmetic upgrades may still be required, occupied homes are often move-in ready.

That said, as fewer distressed properties are being listed on the market, buyers can look forward to saving time and money by eliminating the need for extreme renovations.

Have you seen our current inventory of homes for sale?

We’re constantly growing our active inventory of houses for sale throughout the country. Make sure you browse our current listings, or sign up to receive updates about our newly added listings! Don’t hesitate to contact our professional staff for any questions regarding our properties.

For more information about CastleRock’s homes, please subscribe to our blog today!

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