September carries greatest single-month-default surge in a ten-year period

Home loan defaults rose in September, producing the most extensive single-month-default increase in many years.

Defaults accelerated to 13.2% in September, the most substantial month-to-month increase since November 2008. This increased the nationwide default rate to 3.97%.

Generally, the month of September experiences an increase in defaults. Of the most recent 19 Septembers, 16 experienced increases, which brought the average default rate to 5.2%. This is the biggest jump in defaults for any single month.

UNCOVER MORE REAL ESTATE TRENDS

The 2nd variable that generated an increase in defaults was the fact that the calendar month finished on a Sunday, which generally causes a tremendous burden on defaults.

Moreover, Hurricane Florence, which swept the Eastern United States in September, impacted defaults to an increase of 38% month-over-month in the States it affected. Currently, more than 6,000 homeowners are delinquent as a result of being affected by the hurricane.

Foreclosures dropped 15.1% from August to virtually an 18-year low. This was actually down 11.5% from September 2017. The month's double-digit decrease brought foreclosed properties to 40,000 for the month.


Is There a Shortage?

I hope you had a productive week.

For some reason this week there was a ton of articles on the spring housing shortage. Is there truly a shortage? Or have our expectations gotten out of control? Can you spend a little more time finding a house that needs some "TLC" in a good neighborhood? On the other side of the equation, mortgage rates are going up, but rates are still respectable to where homeownership is not out of reach. I know from our perspective that some markets are tighter than others, but we are always able to find houses to purchase.

Is there a shift in mentality needed for homebuyers that are entering the market this year? I would like to hear your thoughts on the topic. Until next week, let's all be part of bringing Wall Street to YOUR Street! Have a great week and I look forward to speaking with you soon!


Transparency = Caring

I hope you had a great week!

For the past few weeks, we have been finishing up one of our properties in Indiana.

We have agreed to sell it with owner financing to a local family. This family has a special needs child. We were supposed to close the transaction this week, but there was an emergency with their child to where they had to take him to OH for surgery. We had the family scheduled with our Title Company to sign documents and close. With this emergency, they could not close and the Title Company charges a fee for "No-Shows". I was able to talk to our title representative and explain the situation. She was very thoughtful and wiped out the fee. She then told me that when the family comes in to close next week she had a few gifts she wanted to give them. It really touched me, and I thanked her many times. She said something that reminded me why I am in the business " Ryan, we all go through tough times in life, and if we cannot help one another why are we on this planet".

One of the core values we live by is "Doing The Right Thing". This situation definitely falls into that category! I am really excited to get this family into their home next week! I will share some pictures with you once we get them in.

https://truvest.co/best-day-close-mortgage


Creating Value Means What.....

Earlier this week I spoke with a good friend about how he handles his LinkedIn account and online experiences. He told me that the majority of his connections were just looking to quickly sell him goods and services, without even taking any time to build a proper business relationship with him. What he told me really hit home, as I then realized that I was also having the very same experience with many of my own LinkedIn connections.

This approach is just not acceptable to me. I personally believe that for any mutual business relationship to be successful and of VALUE, a bond of trust should first be established..In doing so, any and all questions could be discussed as we learned about each other’s business processes and services. I am currently growing my business organically, and wish to provide you and other select LinkedIn connections VALUE. Is there something mutually beneficial that we can work on together? Does this interest you in any way? Please let me know how you feel about this idea.

 

https://truvest.co/5-reasons-real-estate-great-investment/

 


What a Week!

This past week was full of so many emotions! We commenced beta testing for our due diligence platform, and also purchased 2 assets in Indiana. The launch of the platform by far has been the toughest challenge I have faced in my career. I am very thankful for my family, colleagues, and friends that have supported me on this journey. Now the next chapter of this journey starts this week with implementing feedback from the beta testers, creating the new website for TruExchange, and throughout the week I will be sharing our progress on our recent acquisitions. Let's all be part of bringing Wall Street to YOUR Street! Have a great week and I look forward to speaking with you soon!

 

https://truvest.co/10745-2/