Fix and Flip New York | Hard Money Lenders NYC | Express Capital Financing

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Fix
and Flip New York Market - Status Update
Closing out 2020
2625 East 14 St. Suite 209 Brooklyn, NY, United
States 11235 info_at_expresscapitalfinancing.com
www.expresscapitalfinancing.com
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If you are a real estate investor looking to
expand your property portfolio in the near
future with potential fix and flip New York
projects, pay close attention to the market in
the coming months as we approach the close of
2020. A pair of research analysis reports
conducted by industry specialists indicate that
there will be a dramatic uptick in the number of
foreclosures that will extend into the new
yearmainly attributable to the fact that
homeowners will have exhausted their mortgage
forbearance relief options available through the
CARES Act. These measures permit borrowers to
pause their mortgage payments for an aggregated
360 days (two individual 180-day terms) that
began in March 2020.
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The widespread moratorium on foreclosure
proceedings and enforcement are also scheduled
to expire in December, which is anticipated to
prompt a significant number of h ard money
lenders NYC to take action against borrowers who
are delinquent on their payments. Market data
suggests that the number of delinquent borrowers
is reaching near-record level highs. According to
a study conducted by CoreLogic (NNYSE CLGX), the
150-day delinquency rate reached its highest
point in the last twenty years. Additionally,
the percentage of loans that are delinquent in
some form currently sits at 6.6a 2.9 increase
from this point in 2019. Still, because of the
aforementioned forbearance protections, the
actual foreclosure numbers are considerably low.
But with a large contingent of homeowners
experiencing a reduction in income as well as
potential unemployment due to the ongoing
COVID-19 situation, those looming mortgage
installments coming due could threaten the
financial stability of borrowers across the
country.
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Forbearance relief initiatives have acted to
restrict the flow of homes into the foreclosure
and distressed sales markets and have been
instrumental in assisting a number of families
who have been disproportionately impacted by the
global pandemic. Although foreclosure rates are
historically low, the notable uptick in 150-day
past-due mortgages signals a turbulent period
ahead for many borrowers. An additional market
research program conducted by ATTOM Data
Solutions pinpoints what geographical locations
may experience the greatest number of
foreclosures over the next few months. According
to the ATTOM data, New York and New Jersey are
amongst the most vulnerable locales as they
feature some of the highest statewide percentages
of loans that are currently delinquentwith New
York alone accounting for 11 of all mortgage
delinquencies on a national basis.
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Whats the takeaway from all of these market
indicators? Although foreclosures are few and
far between presently, all signs indicate that
they will increase dramatically as 2020 closes.
If you are on the lookout for potentially viable
properties for a fix and flip New York or rental
projects in the near future, be sure to keep a
close eye on the market-level data and be
prepared to act quickly as forbearance periods
begin to expire. With limited inventories
currently hamstringing transactions in a large
percentage of markets around the country, you can
rest assured that there will be staunch
competition when these cut-rate properties begin
to hit the market.
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The forecasted influx of available properties
expected to be listed at premium price-points is
welcome news to aspiring house flippersas long
as they have the requisite liquidity to make
offers on the spot without first having to seek
funding. Express Capital Financing is a leading
New York hard money lender and has quickly
established a reputation as a reliable and
efficient organization who truly understands how
critical each and every day is in todays
competitive real estate market. The financial
experts at Express Capital Financing can
individually tailor a f ix and flip funding
package to suit your unique set of needs in a
fraction of the time that it takes to obtain
conventional financing. Contact us today to
learn more about how we can assist you in
achieving your real estate investing goals.
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THANK

• YOU
• 2625 East 14 St. Suite 209 Brooklyn, NY, United
  States 11235
• info_at_expresscapitalfinancing.com
  www.expresscapitalfinancing.com