Due to all the Foreclosures, Short Sales and REO’s the CA Central Valley is a hot market for flippers.
Business in the rehab lending market is booming, claims Zinc Financial LLC, of Clovis, which specializes in making rehab loans to investors in California, Arizona and Nevada.
Distressed properties continue to flood the market, but values have stabilized, creating “incredible opportunities” for real estate investors, it contends. “There’s been a huge upsurge in activity for buying distressed properties and rehabbing and reselling them,” says Mr. Pigott.
The Central Valley, one of the hardest hit areas in the nation by the mortgage meltdown, is now seeing a shortage in entry-level housing, he says.
“The Central Valley is down to a less than three-month supply of homes right now,” says Mr. Pigott. “There’s actually a shortage of entry level housing for first-time home buyers.”
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