It's a mistake to ignore industry trends
Investors are well advised to watch industry trends. It is too easy for new investors and rehabbers to lose sight of the fact we are subject to movements and trends across the real estate marketplace and across the nation. Not just in our immediate neighborhood or market.
To observe increasing or decreasing rates of foreclosure filings state by state across the country may confirm or refute our closer-in perceptions. For example, "all the foreclosures are gone..." or that some market segment has effectively gone away, or dried up. We need more than a parochial view of the world.
Headlines provide clues–
Foreclosure Inventory Drops 23.4% in April
Now at lowest level since September, 2007.
[ITEM:] CoreLogic® (NYSE: CLGX), Irvine, Calif., on Tuesday said its April 2016 National Foreclosure Report shows foreclosure inventory declined by 23.4% and completed foreclosures declined by 15.8% compared with April 2015. The number of completed foreclosures nationwide decreased year over year from 43,000 in April 2015 to 37,000 in April 2016, representing a decrease of 68.9% from the peak of 117,813 in September 2010...
Industry trends do not always dictate local market conditions
This article demonstrated the favorable downward trend then occurring nationally in foreclosure inventories. Also shown is the fact a number of markets still had substantial numbers of foreclosures arguably available to those investors that concentrate on this distressed housing sector.
Other industry trends items of interest at that time in real estate news–
2016’s Best & Worst Cities for Illinois Families (Jan 4, 2018)
by Richie Bernardo
Rubbing Abe Lincoln’s “lucky” nose might bring good fortune in Illinois, but the Prairie State already offers plenty of incentives for families or those looking to put down roots.
For starters, Illinois boasts the fifth-largest state economy by GDP. Even with the notably high outward migration rates among residents over the years, this Midwestern state continues to prove its economic resilience. Pair that with rising home values, one of the top 10 school systems in the U.S. and a prestigious roster of employers that includes 34 of the Fortune 500 companies, and the combination yields a gratifying quality of life...
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How Americans are missing out on home buying help
By Daniel Goldstein
Published: June 12, 2016 8:10 a.m. ET
Down payment assistance programs can slash closing costs, but few buyers know about them
If coming up with the cash for a down payment on a house seems daunting, there is help, but not nearly enough potential buyers appear to be taking advantage.
Despite close to 2,500 mostly local down-payment assistance programs nationwide that can drastically reduce the amount of money buyers need to pay at closing, too few buyers and real-estate agents know about them.
Keep current with industry trends
Real estate industry trends are critical to your business. It pays to stay up to date with state and national news of the real estate industry. Not all parts of the country experience the same events and trends at the same time. Some events may prove to be harbingers of future changes in the local market.