Chaos in the housing market has spoiled the fun for some of real estate's biggest cheerleaders: flippers. In a rising market, they could buy, work their makeover magic nike air jordan retros and sell for a tidy profit -- over and over.As prices fell, many stepped or were forced to the sidelines, and failed flippers are blamed for causing some of the current crisis. But others have stayed, insisting that there is a winnable off-season game still to be played: Selling's tougher, but more is available to buy now at the teeming foreclosure bazaar.Flippers have always rehabbed repossessed homes for profit. But you may wonder: How viable is it now?
New data appear weekly on rising foreclosures across the country. Full-year figures out Tuesday from RealtyTrac show that i air jordan retros n 2007 more than 1 in 100 U.S. households, nearly 1.3 million, were in a stage of foreclosure. That's up 79% in a year
In Northern California, Coldwell Banker broker James Madison works out of Santa Rosa with banks or their agents to move foreclosed properties. His business has increased nearly 10-fold in a year.I have 300 REO (real-estate owned, which typically means bank-owned) properties right now -- 157 listings, 30 in escrow and the rest in eviction or jordan retros shoes valuation or being cleaned up so we can put them on the market," he said. "A year ago, I had a total of 35 to 40 properties of all those different types.Madison hasn't seen a lot of flipping in his area, but he has seen banks cutting prices to move properties. He says foreclosure volume is still rising in Sonoma County
"Thirteen notices of default (are) being filed every day," he said. "We started 2007 with 3.5 a day.Promise Not To Flip?anks would rather sell repossessed properties to owner-occupants than flippers, says David Webb, co-owner of
cheap air jordans Hudson and Marshall of Dallas, one of the country's largest auctioneers of bank-owned properties
Some banking organizations are even taking that idea a step further, says Atlanta ERA broker Becky Loar, who sells foreclosures in Georgia. To buy a home owned by Fannie Mae (NYSE:FNM - News) in her area, Loar says buyers must sign a statement that says they won't resell the house within 180 days.
Some banking organizations are even taking that idea a step further, says Atlanta ERA broker Becky Loar, who sells foreclosures in Georgia. To buy a home owned by Fannie Mae (NYSE:FNM - News) in her area, Loar says buyers must sign a statement that says they won't resell the house within 180 days.
