Each month home sales and prices continue to climb.
For the most part our country has seen the bottom of the housing market and trends continue to point upward.
At the front lines of home buyers stand investors, looking to purchase the thousands of distressed and foreclosed properties around the country. These units are then converted into rentals and handed over to property managers. Distressed sales and foreclosures made up 24% of the total sales in December which is up from 22% in November.
The latest housing numbers tell us that unit level sales were the second highest since 2009. Year-over-year the number of home sales that closed was 13% higher than last year and projected sales in 2013 are 9% higher than 2012. That would make this the strongest volume since 2007 and the highest since 2004.
Real estate agents who specialize in selling homes and investment properties to landlords will often tell you that business hasn’t been this brisk since the days of no-document mortgages and many rental units are sold the first day that they are listed. It is a great time for investors to find distressed housing and take advantage of low rates, etc. It is also a great time to be a tenant as more and more units are being added to the market.