Need news in a flash? Here’s what’s happening in your community
WalletHub ranked the best places in the country to rehab a home to turn the best profit, scoring metros on house-flipping market potential, renovating and remodeling costs and quality of life — all of which had maximum scores of 35. San Francisco scored high for its percentage of population with walkable access to parks.
Even with low interest rates, rising home prices in California are exceeding residents’ means to purchase, according to the California Association of Realtors (CAR), which says only 31 percent of the state’s population could afford to purchase an existing median-priced home in the second quarter.
As of June 2016, California’s foreclosure inventory was at 0.4 percent, and its serious delinquency rate was 1.4 percent, both of which are significantly lower than national averages, according to CoreLogic. Despite the 22,433 completed foreclosures in California from June 2015 to June 2016, the state saw a 24.3 percent drop in foreclosure inventory during the same period.
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There were 38,000 completed foreclosure nationally in the month of June, representing the 56th straight month of year-over-year decline, according to CoreLogic’s June 2016 National Foreclosure Report.
Even with low interest rates, rising home prices in California are exceeding residents’ means to purchase, according to the California Association of Realtors (CAR), which says only 31 percent of the state’s population could afford to purchase an existing median-priced home in the second quarter.
Equity is rising and seriously underwater homeowners are dropping as the damage from the housing slump subsides, according to Attom Data Solutions. Seriously underwater properties declined by 776,000 nationwide since the second quarter of 2015 and 37,235 compared to the first quarter this year, according to the data firm’s Home Equity and Underwater Report.
So, you’re thinking of fixing and flipping that 1920s shack you found in Oakland for $250,000? Think you’re gonna turn a big profit on that flip and cash in like they do on TV? Think again.