It has been an eventful year of foreclosures and short-sales, but don't start thinking we are out of the woods yet. The government's moratorium on foreclosures is due to lift August 31, 2009. As a small property management company that can often rent to people facing foreclosure, we are looking forward to what we think will be a brief respite from government intervention in our market. No one can say for certain, but I'll venture to speculate on the immediate future of our rental market-
It is going to get a little better in short order as the banks rush to push through as many foreclosures as possible through the system before the government stomps on the brakes again. I would predict the next moratorium gets put into place by November 1, or the 15th at latest. This should translate to an unseasonably busy September/October as the next wave of foreclosures hits the market, followed by a surge of new rental vacancy (to go with the abundance of vacant inventory we have already) as the REO's are bought up by speculative investors and returned to the market as rentals.
There are differing opinions on the effectiveness of government intervention in the real estate industry, but I think it is pretty safe to say that intervention got us into the current mess, and we know whom to thank for that. Do we really trust the same people to get us out of this?
Investors Choice Property Management (ICPM) manages 105 single-family units with the care and diligence our Landlord clients deserve, in a manner that has them referring their friends, co-workers and family members. With over 16 years professional property management experience, our business is 95% word-of-mouth referral, we do NO Sales, we do NOT markup repairs, and pay among the highest referral fees in the industry for management accounts. Visit our website at www.investorschoicepm.com today for more details, and find out what we mean when we say: “Experience Property Management the Way it Should Be.”