Investor Research on Steroids - Where Are Foreclosure Rates Really Headed?
Are foreclosure rates headed up or down?
Will there be more bank-owned REOs available in the near future or are they becoming harder to get?
Most importantly, how can real estate investors get better at research and better at selecting acquisitions?
It is now wonder real estate investors are confused. Often even within the same day there are reports of the market being up and down, even by mainstream news media. So what is going on?
Investors must understand that there is a lot of very misleading information out there. Some of it may be accidental typos though many statistics are also horribly skewed by faulty math and even on purpose in order to paint the picture which suits the reporting agency best. Even the pillar of real estate ethics NAR (National Association of Realtors) was busted for publishing incorrect figures at the end of last year. Investors must also realize that it is easy to manipulate the news today by publishing your own stories in the press and it shouldn’t be surprising that some may want to throw other investors off of the scent of the best deals.
However, the biggest and most prevalent issue is that different parts of the country are seeing different trends all at the same time. Even within individual metropolitan areas some neighborhoods are skyrocketing while others continue to crash. A great example of this is contrasting RealtyTrac’s current stats showing new foreclosures dropping by 2%, while the Pam Beach Post recently published figures stating that Tampa has seen a 64% jump in foreclosure filings and Miami is feeling a massive 121% rise in lender possessions due to the recent mortgage settlement and it clearing the path for lenders to foreclose.
Plus the truth is that things can change in this industry overnight. One more terrorist attack, a devastating hurricane or major bank collapse and the current recovery could be in jeopardy. This is why savvy investors are continuing to choose flipping houses as their preferred strategy. Get in, get out, get paid. Leave the risk to someone else.
There are many sources of real estate data online from the wildly inaccurate Zillow to Trulia and RealtyTrac as well as various Realtor associations and news outlets. However, those wanting to get more accurate information are wise to dig deeper into the raw data to interpret it themselves rather than rely on someone else’s spin. For example, accessing direct bank foreclosure and REO data as found at DistressedPro.com, which also provides high level contact information for decision makers at these institution.
Don’t rely on nationwide figures either, it is all about location. Keep wired into the local market and how strong confidence is, analyze stats at a zip code level and make your money when you buy. Use social media to test the market and line up potential buyers before you even go out and sign contracts. This way you can utilize transactional funding and flip your deals fast in just days.
There is perhaps no better source to find out what is going on in different parts of the country than talking to other investors. So how is your local market doing? Are foreclosures up or down? Is there too much competition for REOs or do you have more deals on your hands than you can handle?
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