Condo collapse points to opportunity out of tragedy, forbearances and mortgage applications dip in a market that’s still hot, Millionacres writers share their experience in rental home and REIT investing.
In Today’s News
“Now you’re going to see what we call condo terminations, where developers buy out old buildings, tear them down, and put up new ones,” one real estate agent told NBC News.
The Millionacres takeaway: The long-term consequences of the Surfside tragedy are just beginning to emerge as the grim task of recovery grinds forward.
From the Housing Market
Black Knight reported today that the population of homeowners in forbearance has dipped below 2 million for the first time since early April 2020.
The Millionacres takeaway: The decline is being driven by the expiration of 15-month forbearance plans, and now we’ll begin to see if that’s accompanied by any significant spike in foreclosures.
The Mortgage Bankers Association this week reported slowing activity in applications for purchase mortgages and refinancing alike.
Our Laura Agadoni says she’s never lost a deal to a mega-buyer like Invitation Homes (NYSE: INVH), but other mom-and-pop landlords like her, and first-time homebuyers, have in her metro Atlanta market.
The Millionacres takeaway: Interestingly, Laura points out that she’s regularly asked by potential tenants if she owns the place, because they don’t want to deal with problematic institutional landlords. She also lays out why you should look where those big dogs are hunting.
Also on Millionacres
It’s back-to-school day with former high school teacher Matt Frankel, an accomplished investor and CFP with an eye and heart for real estate. Here he explains reasons for owning a lot, or a few, real estate investment trusts (REITs) in your portfolio.
The Millionacres takeaway: Matt says there are no real wrong answers, as long as the approach makes sense given your level of risk tolerance and your personal investment goals.
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