Delavaco Properties LP plans to spend as much as $30 million this year and $40 million in 2012 to buy bank-owned houses and condominiums in foreclosure-ridden South Florida. The private-equity fund will pay cash.
Existing-home sales, a market indicator followed by economists and analysts, probably will slow in the U.S. Northeast for the rest of 2012 as superstorm Sandy disrupts deals, the National Association of Realtors said.
Fewer existing homes were sold since 2007 than previously estimated, painting an even bleaker picture of the industry that precipitated the U.S. recession, a report from the National Association of Realtors will show today.
Investors buying foreclosed U.S. homes might have less than two years to accumulate properties as competition and rising prices shrink the pool of cheap assets, according to Blackstone Group LP, the largest buyer.
The number of U.S. home short sales surpassed foreclosure deals for the first time as banks became more agreeable to selling houses for less than the amount owed on their mortgages, according to Lender Processing Services Inc.
The U.S. housing market, entering its busiest season, is tipped so far in favor of sellers that almost a third of listings in areas from Washington, D.C., to Denver and Seattle are under contract in two weeks or less.
U.S. home values are poised to drop by more than $1.7 trillion this year amid rising foreclosures and the expiration of homebuyer tax credits, said Zillow Inc., a closely held provider of home price data.
Sales of existing homes climbed in July from an eight-month low, showing the cheapest mortgage rates on record are underpinning a market struggling to join the U.S. economic recovery that began three years ago.
Anthony Andrade was forced to rent the San Antonio, Texas home he planned to buy after Bank of America Corp. approved a mortgage and then scuttled three closings over two months with last-minute document requests.