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Real Estate Investors Continue Buying in Midwestern Cities Despite High Mortgage Rates

1 report, 1 independent Updated Sat 00:00
AI-generated briefing. Brind wrote this from the reports listed below. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.

What happened

Some supportReported by 1 outlet

In September, individual investors and second-home buyers accounted for 20% of home-purchase transactions, the highest share in over a year, according to one report. Real-estate broker Justin Smith, who owns properties in Rockford, closed on a duplex in Roscoe, Illinois, in June for $250,000, using a 7% fixed mortgage. Smith currently owns three apartment buildings in Rockford and Roscoe.

From morningstar.com

Why it matters

Some supportBrind's analysis of the reports

The trend shows that real-estate investors are persisting despite mortgage rates over 7%, which is causing everyday house hunters to pull back from the market. Smaller Midwestern cities, such as Rockford, are noted for having a relatively low barrier to entry for real-estate investment due to lower average home values compared to the national median.

From morningstar.com

Who's involved

  • Justin SmithReal-estate broker who owns properties in Rockford and Roscoe, Illinois
  • RockfordCity in Illinois where Justin Smith owns properties and where average home values are reported

Keep exploring

The entities involved

  • Justin Smith

    American poker player

    Nothing else this week.

  • Rockford

    railway station in Rockford, the United States of America

    Nothing else this week.

Coverage

Newest first; wire copies grouped