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Less Distress in Single-Family Home Sales in 2016, Reports ATTOM Data Solutions


While trend-lines for investors in single-family homes suggest less opportunity to profit from distress buying opportunities, Chicago may still remain among the best markets for investors.

SpringView Investments manages a portfolio of income-producing single-family homes; the portfolio held 182 properties as of December 31, 2016, the majority in the Chicago metropolitan area.

The ATTOM Data Solutions Year-End 2016 U.S. Home Sales Report unpacked five trends in the US single-family home market:

1. Chicago did not reach a new all-time home price peak in 2016, but 44% of all markets in the US did. According to ATTOM, “Ninety-five of the 201 metro areas analyzed for the report (47 percent), were still below their pre-recession (2009 or earlier) peaks in median home prices in 2016, including the greater New York-Newark-Jersey City (14.3 percent below); Los Angeles (1.8 percent below); Chicago (12.0 percent below).

2. Fewer single-family home sales were distressed sales than in the previous year, at only 16.2% of all sales, a nine-year low. By contrast, the percentage of distressed sales was 18.8% in 2015. ATTOM defines distressed sales to include bank-owned sales, short sales and foreclosure auctions sold to third-party buyers

3. Foreclosure auctions sold to third-party buyers were at an all-time high. “Third-party buyers at the foreclosure auction accounted for 28.5 percent of all completed auctions in 2016…up from 23.5 percent in 2015.”

4. Sellers in 2016 realized biggest average profits in 10 years. “Homeowners who sold in 2016 realized an average home price gain since purchase of $38,206…a 21 percent gain since purchase,” said the study. By contrast, the average gain was about 13% in 2015.

5. Cash sales share of home purchases drops to nine-year low in 2016. “Nationwide home sales to all-cash buyers represented 28.3 percent of all home sales in 2016, down from 31.5 percent in 2015 to the lowest level since 2007 — a nine-year low.”

Read the full story in RealtyTrac here.

For more information on why your should consider investing in a professionally managed portfolio of single-family homes, please contact Harold Willig at 917-209-4452 or harold.willig@springviewinvestments.com

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer, and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience. Mr. Willig also ran a consulting practice and provided valuation, analysis, and transactional support services to multi-billion dollar real estate companies. Previously, Mr. Willig served as the Senior Controller and Vice President of Financial Analysis and then the Chief Financial Officer of the Athena Group, a multifamily development company and fund manager.

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