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Chicago Underwater?

More local homeowners are underwater on their mortgages than in just about any​ metro area in the nation, according to a new report.

So said the a recent story in Crain’s Chicago Business Chicago Leads the Nation in Underwater Homes.

“Chicago had the third-highest rate of underwater mortgages among major metro areas,” the report said. “Twelve percent of Chicago homeowners with a mortgage were underwater in the first quarter, according to CoreLogic. The only large metro areas where the rate was higher were Miami (15.7%) and Las Vegas (14.2%).”

By contrast, the CoreLogic study reported that 6.1% of all US residential mortgages were underwater in the first quarter, down from 8.1% twelve months earlier.

What does this potentially mean for investors in single-family homes? It spells buying opportunity.

For the full article, please see this.

Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at harold.willig@springviewinvestments.com or 917-209-4452.

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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