Increase of 1007 requests

[Tim Schneider]

Anyone else seeing more requests for 1007's? I think it is a good sign that smart investors are seeing the need for SFR rentals for those who lost their own home or can't get a loan now.

 

[c w d]

I have not noticed an increase. If there is an increase it's marginally more. The phenomenon you noticed may be due to an increase in demand for rentals as people are being forced out of their homes and others cannot qualify to purchase a home. But, there is still a glut on the market in my area of unsold homes in some areas. They are typically new or relatively new home construction subdivisions. From what I've seen is the rental seller market has become more competitive especially among speculative investors. While most investors of the boom are gone another round of investors appears to be rising to the task of snapping up foreclosed investor homes betting on a turn around in the market. They may be renting their homes to slow the burn rate until the market actually does turn. I have seen indications in other markets of stabilization. But, I believe this is just a plateau on a longer downward trend.