REI INK

Foreclosure Activity Increases in Q1 2024

Bank Repossessions Up 7% By ATTOM Team ATTOM, a leading curator of land, property, and real estate data, released its Q1 2024 U.S Foreclosure Market Report, which shows a total of 95,349 U.S. properties with a foreclosure filing during the first quarter of 2024, up 3% from the previous quarter but down less than 1% from a year ago. The report also shows a total of 32,878 U.S. properties with foreclosure filings in March 2024, down less than 1% from the previous month and down 10% from a year ago. “Q1 2024’s foreclosure data reveals a market in transition, with slight increases in filings and starts, alongside a notable decrease in REO properties,” explains Rob Barber, CEO at ATTOM. “While foreclosures remain relatively stable, we are closely monitoring these trends. Homeowners continue to hold significant equity, contributing to a persistently hot housing market.” Foreclosure Starts Increase Nationwide A total of 67,657 U.S. properties started the foreclosure process in Q1 2024, up 2% from the previous quarter and up 4% from a year ago. States that had 100 or more foreclosures starts in Q1 2024 and saw the greatest quarterly increase included:  » New Hampshire (up 43%)  » Illinois (up 26%)  » Florida (up 22%)  » Rhode Island (up 21%)  » Nevada (up 16%) Those major metros with a population of 200,000 or more that had the greatest number of foreclosures starts in Q1 2024 included:  » New York, New York (4,404 foreclosure starts)  » Houston, Texas (2,977 foreclosure starts)  » Chicago, Illinois (2,867 foreclosure starts)  » Los Angeles, CA (2,398 foreclosure starts)  » Miami, FL(2,319 foreclosure starts) Highest Foreclosure Rates in DE, NJ, and SC Nationwide, one in every 1,478 housing units had a foreclosure filing in Q1 2024. States with the highest foreclosure rates were:  » Delaware (one in every 894 housing units with a foreclosure filing)  » New Jersey (one in every 919 housing units)  » South Carolina (one in every 929 housing units)  » Nevada (one in every 961 housing units)  » Florida (one in every 973 housing units) Among 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2024 were:  » Columbia, South Carolina (one in every 569 housing units)  » Spartanburg, South Carolina (one in 597)  » Lakeland, Florida (one in 624)  » Atlantic City, New Jersey (one in 628)  » Cleveland, Ohio (one in 662) Other major metros with a population of at least 1 million and foreclosure rates in the top 15 highest nationwide, included:  » Cleveland, Ohio at No.5  » Riverside, California at No. 9  » Orlando, Florida at No.10  » Las Vegas, Nevada at No. 13  » Jacksonville, Florida at No. 15 Bank Repossessions Increase 7% Lenders repossessed 10,052 U.S. properties through foreclosure (REO) in Q1 2024, up 7% from the previous quarter but down 20% from a year ago. Those states that had the greatest number of REOs in Q1 2024 were:  » Michigan (1,049 REOs)  » California (845 REOs)  » Pennsylvania (838 REOs)  » Illinois (810 REOs)  » Texas (596 REOs). Average Time to Foreclose Increases 2% Properties foreclosed in Q1 2024 had been in the foreclosure process for an average of 736 days. While this marks a slight increase from the previous quarter, it represents a 20% decrease from the same time last year, continuing a downward trajectory observed since mid-2020. States with the longest average foreclosure timelines for homes foreclosed in Q1 2024 were:  » Louisiana (2,641 days)  » Hawaii (2,031 days)  » New York (1,958 days)  » Nevada (1,701 days)  » Kentucky (1,701 days). States with the shortest average foreclosure timelines for homes foreclosed in Q1 2024 were:  » Montana (123 days)  » Virginia (152 days)  » Texas (163 days)  » Wyoming (191 days)  » West Virginia (217 days)

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Becoming Successful in Today’s Real Estate Market

Megan Harris is the founder and CEO of Empora Title, a title company based in Ohio that she founded during the pandemic. She has worked in the industry for years before deciding to build her own company and while it happened during a difficult time, it didn’t stop her from creating a successful business that solves problems for real estate professionals across the board. Listen now to learn more about the importance of title companies in real estate transactions and how Empora Title makes it easy for all parties involved! Quotables “If we’re just easy to work with, then people are going to want to come back. It’s one less thing to think about.” “For us, one of our majors is working only with investors, so we focus only on investor transactions. We don’t do anything else, we don’t sell to different client profiles, different customer-bases, and that’s made all the world of a difference when it comes to focus.” “Don’t let a lot of time pass and make sure that you hire people who get that and that’s kind of how they live their life on a day-to-day already so they’re going to come in to push and get your deals done as fast as you need them.” Links Website: Empora Title https://www.emporatitle.com Website: RCN Capital https://www.rcncapital.com/podcast Website: REI INK https://rei-ink.com/

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The Types of Deals Real Estate Investors Should Be Focused on in 2024

Michael Carrozzella is a loan officer at RCN Capital, but he has an extensive background in real estate investing, dating all the way back to his childhood. He grew up in a family of real estate professionals and that led him to venture into the same space, where he found success in building his portfolio and helping investors grow theirs through RCN Capital. Listen now to learn the best way for new investors to learn about the industry and some nuggets from Michael that could help you if you’re just starting out! Quotables “Finance is really something that does drive the industry because you’re able to leverage money, you’re able to leverage other people’s money, and that’s just something that can really help your business grow.” “There is something very valuable about being able to drive to a property, go walk it, bring people that are on your team whether it’s contractors, property managers, anyone in between, where you can get a full idea of what that property is.” “It all comes down to where you feel comfortable and where you can find value up front, and then go from there.” Links Email: Michael Carrozzella mcarrozzella@rcncapital.com Website: RCN Capital https://www.rcncapital.com/podcast Website: REI INK https://rei-ink.com/

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How to Overcome the Biggest Challenges in Your Business

Jacob Therrien is the Business Development Specialist at Bridge Loan Network. They offer software platforms designed for the mortgage industry that help mortgage brokers and private money lenders optimize their businesses and help real estate investors fund their deals. He is on the show today to talk about the importance of technology in the mortgage and real estate spaces and how the constant evolution is helping these industries grow. Listen now to learn more about technology in the mortgage and real estate space, why it is important, and how you can stay on top of the changes in technology for your business! Quotables “From an investor’s perspective it’s extremely important to stay up-to-date, at least be aware of some of those things that are coming out, seeing where they might be able to enhance your business.” “I think sometimes, we forget LinkedIn is social media. It’s not just for professional work – it should be professional but you can also make it fun, make it personal, and create that unity aspect.” Links Website: Bridge Loan Network https://www.bridgeloannetwork.com Website: RCN Capital https://www.rcncapital.com/podcast Website: REI INK https://rei-ink.com/

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Celebrating the 100th Episode of Uncontested Investing

In honor of Uncontested Investing’s 100th episode, we’ve invited a familiar face to sit down with us and talk about what he loves most. Since stepping away from the podcast, Tim Herriage has focused more on growing his portfolio and building Ternus, a lending company based in Dallas, among many other ventures. He is on the show today to answer questions from our subscribers and share a couple of nuggets for real estate investors who want to succeed in today’s market! Listen now to hear what Tim Herriage has been up to, how Ternus is growing, and listen to his answers to questions from our listeners! Quotables “It reminds you that every day, your biggest competition is most likely the man or the woman in the mirror and if you can beat that person, you can beat them all.” “I think it’s not enough to see the person in the mirror if you’re not willing to do what is necessary to correct what you don’t like what you see.” “The resource that’s most valuable is your network. The resource that’s most valuable is your contacts. The resource that’s most valuable is the person that’s willing to do something for you or with you without putting their hand out for money or compensation.” Links Website: RCN Capital https://www.rcncapital.com/podcast Website: REI INK https://rei-ink.com/

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NRHC Applauds Governor Kemp for Signing the “Georgia Squatter Reform Act”

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The National Rental Home Council (NRHC) commends Georgia Governor, Brian Kemp, for signing into law House Bill 1017, the “Georgia Squatter Reform Act,” legislation providing legal protections and recourse for homeowners in the event of the illegal occupation of their properties. Passed with overwhelming bipartisan support in both houses of the Georgia legislature, HB 1017 codifies and reinforces basic, foundational rights and responsibilities of homeowners throughout the state. “NRHC commends Governor Kemp for signing this important legislation, in the process supporting the rights of homeowners throughout the state of Georgia,” said David Howard, CEO of NRHC. “Beyond the obvious property rights issues involved, this legislation will enhance the safety and security of communities and neighborhoods and will make housing more accessible and attainable.” NRHC also thanks the following state representatives for their sponsorship of HB 1017: Devan Seabaugh, Matt Reeves, James Burchett, Clint Crowe, Deborah Silcox, and Bill Yearta. About NRHC The National Rental Home Council (NRHC) is the nonprofit trade association representing the single-family rental home industry. NRHC members provide families and individuals with access to high-quality, single-family rental homes that contribute to the vitality and vibrancy of neighborhoods and communities. For more information on NRHC or the single-family rental home industry visit www.rentalhomecouncil.org For more information contact: press@rentalhomecouncil.org

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