IE Business Daily Business news for the Inland Empire.
Investment buyers appear to be moving away from single-family homes.
As the supply of distressed homes continues to shrink, more investment buyers are shifting to multifamily properties, according to data released Wednesday by the California Association of Realtors.
Twenty one percent of all investors bought multifamily properties during the past 12 months, up from 19 percent during all of 2014, according to the association’s survey of the investment market.
Only fourteen percent of investment buyers bought multifamily properties in 2013, the report found.
Distressed properties – meaning houses that are in foreclosure or that will otherwise sell for a price below its market value – are definitely becoming less of a factor in the housing market: 80 percent of all housing transactions during the past year were non-distressed, up from 70 percent in all of 2014, a sign that the housing market is continuing to recover.
Sixty five percent of all investors rented their properties rather than sell them during the past year, up from 56 percent last year but down from 73 percent in 2013, the survey found.
