Ben Eisen

speaker

1,467 appearances 35 recordings 1 series first heard Jul 2017 last heard Nov 2024

Ben Eisen’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Cheapest Homes Gain Value Most in Red-Hot Housing Market · 13 May 2021 podcast

So Detroit is a city with sort of a unique housing market. voice-verified

It has tons and tons of homes that are in disrepair or vacant, and thousands of them that are owned by the land bank, which is sort of a city-affiliated entity that is charged with managing and selling the properties. voice-verified

And these are houses, the bidding on them starts at about $1,000, and it can go up from there. voice-verified

They're very cheap to buy. voice-verified

They need a lot of work. voice-verified

And what you're seeing is in those auctions, the demand has actually been going up a lot, particularly in the last few months. voice-verified

In the first quarter, the sales of those homes at auctions doubled. voice-verified

And some of the houses that they had actually planned to demolish because they didn't think they could be sold or sold. voice-verified

to people who would fix them up and live in them are now being taken off the demolition list because there is demand to buy them. voice-verified

So you are seeing in these properties where there's just tons of work that needs to be put into them, people now have interest in putting the work into them. voice-verified

These are homes that generally are being sold to people in lower income areas. voice-verified

So they're lower income buyers, but they are also investors that are buying up these properties and buying them up to rehab them and flip them. voice-verified

And so you sort of have a whole spectrum of people that are buying these properties. voice-verified

Homes that are at the lowest end of the housing market tend to come with this additional challenge that it's often hard to get a mortgage with them. voice-verified

If you're trying to buy a house that costs less than $50,000, it's just simply not profitable for a bank to make a mortgage. voice-verified

And voice-verified

As a result, it can be hard to buy that house unless you have that $50,000 in cash or find some alternative form of financing. voice-verified

So when you think about home prices rising here, in some cases it very well may be that homes that were kind of too low in value to be able to get a mortgage can now, banks might start to think about making mortgages on some of these properties. voice-verified

I think that probably remains to be seen. voice-verified

There's sort of a lot of factors that go into whether a house is mortgageable, but it's voice-verified

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