In addition to a tough job and mortgage market, first-time buyers are also looking at a lot of work when buying a foreclosed property.
I found this survey from Campbell/Inside Mortgage Finance particularly interesting this month:
For the month of April, 45% of foreclosed properties were damaged and not inhabitable without renovation. Because mortgage financing is generally not available for foreclosed properties that need major repairs, investors often buy these properties for cash. Fifty-five percent of damaged foreclosed properties were bought by investors in the month of April, while only 27% were bought by first-time homebuyers.
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