EP 513 – The Top 50 Markets Turning Ugly (Part 1, 50-26)

Foreign.

This is the no Closer show where you get the latest developments in distressed note investing and learn the secrets of how you can control millions of dollars worth of property for pennies on the dollar. Get educated and entertained by someone who has closed thousands of deals and lives to support you in achieving the same. Now, here's your host, CEO of We Close notes, Scott Carson.

Good morning, good afternoon, good evening, everybody. Welcome to this episode of the Nook Closure Show. As always, Scott Carson. Excited to be here with you. One of the things that we do here, constant basis with us, buying debt all across the country, buying mortgages. You know, where people aren't paying is we're constantly tracking different markets, different cities, different states on, you know, what their default rates are, what's going on in the market. Is it increasing? Is it decreasing? I mean, let's face it, since 2012, over the last seven years, we've seen quite a bit of an increase in values across the country. But would it still surprise you that 1 in 10Americans are a month behind their mortgage already? I mean, that's still pretty scary. 10% of the United States are that. There are 200,000 homeowners across the country that owe 200% on their mortgage. They're upside down by 100% on their house. Okay, that's still substantial distressed debt. There's still a lot of substantial bars up there. Let's face it, homeowners are getting squeezed. I talk to people all the time. Our staff talks to people. Our servicing company, our team talks to borrowers all the time who are getting squeezed. And it's not the upper class, it's the middle and then the lower class. I mean, I literally had a conversation last night alone with a borrower who wants to stay in her house. You know, she has been struggling. She's been laid off. She works at sam. She does odd jobs, whatever she can to make the payment. And it was a great conversation with her. She's somebody that wants to stay in her house. We're going to work with her. But I hear these stories all across the country. And yes, everybody loves to talk. Oh, hey, there's not a recession. So many markets are doing amazing. They recovered or rebounded. They're stronger. And I agree there are a lot of markets that are doing well out there, but there's also a lot that aren't doing so well. And then the list on those names might surprise you. So we were actually compiling a list as we're doing some work. And fortunately for us, an article popped up just the other day, it's like, oh, I don't have to do all the work. We found some markets that we were kind of surprised at. So in reading, one of the things the other morning when I do, when I wake up is I'm constantly jumping on like USA Today, Yahoo Finance and sharing, you know, trying to find out what's going on. This article actually came out a couple days ago, came out September 9th by Yahoo Finance. And it was really surprising. It was basically a list put together called the 50 housing markets that are turning ugly. Not struggling, that are Turning Ugly. Okay. And it was actually Go Banking. Identify these places. These 50 markets. Go banking rates. Evaluated 500 cities to identify which have had the highest rate of foreclosures and underwater mortgages out there. Go Banking also looked at changes in the median house price listings, number of days homes are in the market and the percentages for sale listings with price cuts. Compared those figures with national averages to see which housing markets were lagging behind the nation as a whole. Now obviously there's some states that kind of stood up. Florida has the highest number of cities with real estate markets that could be in trouble, followed by Illinois. And so what we did is this is going to be a two part podcast series. We're going to focus on markets 50 through 26 for this episode and then we'll follow up with episodes 25 through 1. So there's a lot of information. I have to give a big shout out to Shannon in my office who's done a tremendous job of going through and putting some slides together. So it's easy for us to get through this episode. But it is just. I was actually very surprised by some of the cities and others. I wasn't surprised because we've got our ear to the ground and listen to our realtors and our investors that are in those areas and things like that. So with us constantly investing, we're constantly tracking days on market, things like that. But anyway, I think you're really going to enjoy this and we really want you guys to learn more than anything else because that's the thing when we do these is people are asking, oh, there's no deals, there's no deals, you can't find any debt. And a lot of times you just got to know where to look. And we'll cover a little bit on where to look with these deals and kind of other things. So it's basically top 50 default markets, markets 50 through 26, and right off the bat was very surprised on a market that we have spent quite a bit of time in the last couple years, I've bought quite a few assets. This is number 50 and this is actually Fort Myers, Florida media home price is just under a quarter million. It's down slightly over the last two years, about 1.4%. Just under 7% of the homes are underwater and they have a foreclosure for every one in every 1921 homes. Now as they said, house prices drop in the city in southwest Florida while home prices nationwide have climbed an average of 9.4% over the past two years. Prices have dropped to 1.4% in Fort Myers over the same period. Plus, houses for sale spend 105 days on the market in Fort Myers on average, compared with a national average of 66 days. So that's a surprise one especially such a tourist area. That area, southwest Florida, there's actually several cities that hit the top 50. And you know, we talked to our good buddy Brent Garrett who's been on the podcast before and a realtor out there, him and I have done. I know he's helped me out with quite over a dozen properties where we bought the note, tried to work out some sort of modification and then ended up going to foreclosure and then we'll fix it to sell it. So Fort Myers, top 50 place where there's 1 in 921900 homes are in a fall. Okay, 49 is in Virginia. In Newport News, Virginia media home price is 190,000 to your price changes down 8%. 19.2% of homes are underwater, all right. And they have a foreclosure for one in every 2100. Now this, you know, Newport News is near Virginia beach is more than double the national average. As far as underwater mortgage, the national average is 8.2%. Like I said, however, the real estate market here hasn't turned too ugly yet. In fact, the percentage of homes listed homes with prices in Newport News is only 12.6% is lower than the national average of 17.5. So that's the great thing about Newport News is they haven't had as many price cuts yet. But could that be coming out? Florida obviously a little bit longer foreclosure. Virginia is a non judicial state so you can close a little bit faster there foreclose if you need to for the bank. 48 Cumming, Georgia meaning list price is 383,000. It's only down 1.2%. Only 4% of homes are underwater. 1 in every 2,300 homes is in foreclosure. There's still homes prices still rise in the suburb of Atlanta, but not nearly as much as the national average. In fact, home prices and coming increased an average of just 0.7% over the past year. And 21.8% of listed homes here have seen price cuts compared with the national average 17.5. So that's the thing to keep in mind. Near the, near Atlanta they're coming. 47 Toledo, Ohio We've got a lot in Ohio. Toledo has been good to us. Median home price is 84,900. Much more affordable. You look at that. It's only a third basically of what we saw. Third to a fourth of what it is. But two year price change is 8.8%. 24.7% of the homes are underwater. They have a foreclosure for 1 in every 14, 28 homes. Home price growth has slowed over the past year does western Ohio sitting in the banks of Lake Erie. However, the bigger problem here is the higher percentage of underwater mortgages which is about three times the national average. Say at 24.7%. Plus the number of for Columbus homes is higher than the national average. So that's the thing to keep in mind. Toledo, we've made a lot of money there, but there's still a lot of debt. It's a little bit more affordable at 84.9. And Toledo's like I said on Lake Erie. We've got some assets there performed pretty well. We bought some non performing notes. Okay, great place to final him. That takes us to the first city in Illinois. Naperville. Median list home price is 440,000 is down 2.2%. Only 6.5% of the homes are underwater. The foreclosure for one in every 3,900 homes. Chicago suburb has been made into plenty of best places to live those basically. However the housing market has been slumping here. Home prices have dropped more than 2% in the past two years. And at 26.4% Naperville has the highest percentage of listed homes with price cuts of any city in the top 50. Okay, price cuts are dropping here because hey, they've done well. But it's. You gotta be careful about there. Cause be careful when you're looking at if you're gonna be buying some asses. But meaning home price, hey, 440,000. You're gonna have some price drops. Think about that. 26%, 439 medium list price. You're losing basically $110,000 in price cuts. If you think about that. Okay, I'm sorry. 26% of the homes dropping price is not percentage of list price. So that's scary. That takes us back to another city and as I call it, God's waiting room in the Sunshine State In Florida, Sarasota, Florida, meaning list price is 359,000 two year price change 5.6%. Underwater mortgages is only 4.5%. They have foreclosures 1 in every 15, 20 homes. For those who don't know, Sarasota, it's south of Tampa, it's on the Gulf coast side. As a real estate market could turn ugly, home prices have slowed. Houses for sale are sitting on the market for an average of 99 days, far longer than the national average of 66 days. It's a whole month further than the national average. On top of that, the foreclosure rate is higher in Sarasota than it is nationwide. So keep that in mind because Miami and Tampa areas were the two markets in Florida really turned around the fastest. Okay. And Sarasota is just south of Tampa and that's where a lot of people that couldn't afford in Tampa move to. And it's gone through a great gentrification. Markets rebounded back, but it's obviously look like it's starting to turn 44. A very popular one across the state. In Fort Lauderdale, Florida, median list price areas are just right at half a million dollars to your price change down 0.2%. Only 7% of homes are underwater. They have a foreclosure for one in every 1507 homes. Obviously Fort Lauderdale is a big tourist destination. It's the market's slumping there. It's 30 miles north of Miami. Home prices in Fort Lauderdale have fallen in the past years. And the average number of days where the houses stay in the market is 133is double the national average. So it's actually a national average is 66 days. Remember, Sarasota was just 99 days. This is a month longer, 133 days. So four months average day stay on the market. All right, it takes us back to actually across for our first west Coast City, Menifee, California Average value Meaningless price is $380,000. Armenia Two year price change is 8.3%. 5.5% of underwater homes, you have a foreclosure one in every eight hundred and eight homes. City in Southern California is part of the LA metro area. They know where it's at. Median home price Menifee is well above the national median, obviously. However, the housing market here could be headed for trouble. Menifee is the third highest foreclosure rate among the list. One in every 800 homes is on the foreclosure list. So hey, if you're looking for something in Southern California, Louisiana county, there you go. All right. Menifee, California for some defaulted debt. We'll get to things. One of the things that we'll do, we'll talk about it when we get the number 26. Beyond that, we'll talk about some of the things that we can even be doing to looking for assets in these specific counties. Another one that takes us to Roll Tide. Tuscaloosa, Alabama, meaning list price there is just under 208,000 0% change in two year price changes. 11.7% is the percentage of underwater mortgages. There's a foreclosure for one in every basically 2,400 homes. Obviously Tuscaloosa is done for. The University of Alabama has a higher percentage of homeowners with negative equity than the nation as a whole. Nearly 12% of mortgages are underwater here, compared with that about 8% nationwide. Foreclosure rate also is slightly higher, Tuscaloosa than the average across the United States. So, hey, you want to go to school, send your kid to University of Alabama. You might want to check on the default rates. You might check on the foreclosures there in Tuscaloosa. Now, one of the things that the article didn't tell is what kind of price range the foreclosures are falling in. I'm going to go ahead and throw it out there. We're going to, obviously you know, the price ranges across the board, as far as drops, stuff like that. That's across the board on average. But I'm willing to bet that you're going to see bigger defaults in 200 or the market value or less as far as when it comes to defaults. Okay, that takes a little bit further up north on the east coast there to Wilmington, Delaware. Meaningless price is just under 195,000 to your price change of 0.5%. Underwater mortgages are 15% and there's a foreclosure for one in every 1,218 homes. The percentage of foreclosed properties in Delaware's largest city is twice as high as the national average. And the percentage of underwater mortgages in Delaware is almost double the percentage nationwide. So Wilmington, we've got some friends that live in the neck of the woods. They've talked about Wilmington struggling and seeing defaults for the last couple years. Actually, number 40 is one of my favorite cities in the country. Got a chance to spend some time there few years back. I still love to go back there. Is Naples, Florida little higher media, high home price at just under 408,000. Two year price changes down almost 9%. Six percent of the homes are underwater. There's a foreclosure for one in every 2,500 homes. Naples was hit really hard back almost a decade ago, but it's rebounded. Housing market has been slowing. The city of Florida on Florida's Gulf coast, while home Prices nationwide climbed 9.4% on average over the past year is a fallen 9%. In Naples are the same period. And the average days of homes are on the market. Here's 140 is more than double the national average. So that's one thing to keep in mind. A little higher priced area. You have a lot of international money coming into Florida that really loves Naples. I mean downtown Naples at night you may be able to hear four or five, six, seven different types of languages speaking. But it's actually a very, I call it metropolitan city. Just a people. It's obviously different than the tourist areas of Miami or Fort Lauderdale. A lot of money there in Naples and neck of the woods. So but that's the thing. Prices are down because of, you know, people are looking to sell. All right, they bought a lot of people bought there and now they're looking to sell those things. And that also keeps us takes us across the state there in Florida to West Palm beach, which has recovered strong. Medium list price is 298,000. Change is 1.4% last two years. Underwater mortgage is only 7.3%. You have foreclosures one in every 1300 homes, basically. Although home prices have risen slightly in West Palm beach over the last few years, they've fallen in the past year. In addition, houses for sale stay on the market in the city north of Miami, an average of 119 days compared with the national average of 66 days. The foreclosure rate is also higher there as well. Going back up into the New England part of the year for the country. Waterbury, Connecticut. Median list home price is 125,000. Tier price change 11.9%. Almost 30% of the homes are underwater. Okay, there is a foreclosure for one in every 11001160 homes. This, you know, if you don't know where Waterbury is, it's 77 miles northeast of New York City and they've risen over the past years. Then across the U.S. however, the housing Market Waterbury could be in trouble. The percentage of underwater mortgages here is higher than any other city in the top 50. Yeah, underwater is doubled because it's high. I'm starting higher at almost 30, 29.4% of the homes in Waterbury. Okay, now think about that meaningless price.125 and they got a higher default rate. That kind of falls in line with what we talked about earlier, that being your low to income people. 77 miles are taking the train or moving there, but just can't afford to it. That takes us back to Illinois. Number 37 is Plainfield. Meaningless home price is just under 285,000. Price change 3.6% percent of underwater mortgages is only 7.7. Foreclosures is one in every 1138 homes. Now, home prices have been rising in this village 35 miles southwest of Chicago, but not the same rate the national average. More telltale signs though that the housing market in Plainville could be turning ugly at a relatively high foreclosure rate in percentages, home for sale with price cuts. In fact, plainfield has the second highest percentage of listed homes with price cuts at 25.3%. If you don't want to buy in Crook county or in Chicago, Chirac, Plainfield will have some stuff definitely for you. Number 36 takes us back across the coast to California and Bakersfield. Meaningless price is 276,000 year price change of 1.1%. Percentage of underworld mortgages is 11.8%. So it's higher than national average. And they see a foreclosure to one in every 1100 homes. Home price growth is slowing in this agricultural hub in California's Central Valley region. However, foreclosures and underwater mortgages are even bigger problems for Bakersfield real estate market. The rates for both are higher than the national averages. That takes us back to Jacksonville, Florida. Jacksonville was one of the slowest cities to recover in Florida. It kind of started at the tip and worked its way to the top. Meaningless home price is 219,000 to your. Price change 11.8%. Percentage of unwarranted mortgages are also 11.2%. They have a foreclosure for 1 in every 814 homes. Now home prices are rising at a fast rate in Florida's largest city. If you didn't know that Jacksonville is Florida's largest city. On average, it's increasing and across us. But Jacksonville has one of the highest foreclosure rates in any city on this list. Percentage of underwater mortgages in the City on the Atlantic coast also tops the national average. So that's what I'm saying. If you like Jacksonville, Florida, you've got that in the coast there. Between that and Georgia, you've also got a big military presence there in Jacksonville as well. That takes us, if you just go down the state a little bit to one of our favorite places to go to as well is Orlando. Number 34, median list price is 289,000. Two year list price is 5.7 is the change. Underwater mortgages are at 6.6%. Foreclosures are 1 in every 1328 homes. I like how the article said the current housing market Orlando could use some Walt Disney magic to keep it from turning ugly. Home price growth in the tourist destination has been slowing and the percentage of listed homes with price cuts 21.2% is higher than the national percentage. Foreclosure rate in Orlando is also higher than the foreclosure rate in national wine. So that's a thing. Orlando rebounded as strong. But what you have with the values going up and they're such a tourist attraction. Gotta love Walt Disney, but they just don't pay their employees quite a lot. You got a lot of service professionals there working at the Universal, Walt Disney and the other attractions there that aren't paying premium wages. So that's why you see that. That doesn't surprise me. I mean Orlando itself doesn't have a lot of rentals, especially inside like apartments. You see them on the outskirts of Orlando for the most part. But hey, there's some opportunity there if you want to start looking now on things to make sense. Number 34, 33 is here in the heart of Texas state in Texas. McKinney, Texas made a list meaning list price is just under 380,000. Two year price change is down 1.3%. Percentage of owned water mortgages 4.3. They have a foreclosure for one in every 2,500 homes. Now home price has been falling as fast growing city that is 30 miles north of Dallas for a while. Home prices have risen on average of 9.4% of the past years across America prices have fallen 1.3%. McKinney/McKinney has one of the highest percentage of listed homes with price cuts among the cities on this list. Okay, think about that. McKinney Texas. If you like the area outside of Dallas, 30 to hour minute drive there in Oregon might be a place for you to look at for investing. Okay, that then takes us to number 32 to Somerville South Carolina median list price is $270,000 there. Two year price change is just under 5%. Percentages of underwater mortgages is 6.3. There's foreclosures, 1 in every 1279 homes. Houses for sale lingering on the market longer in Somerville than the national average. 72 days versus 66. That's not too far off the national average. The increase in home price in the city 24 miles northwest of Charleston also is lagging behind the national average. And the foreclosure rate in Somerville is twice as high as the rate nationwide. Okay, so I like South Carolina. It is a judicial state. Takes about 9 to 12 months to foreclose there. But a lot of investors that were buying in Florida moved up to Georgia, South Carolina, North Carolina to buy some stuff. So one in every 1279 homes is in foreclosure there. So be careful. But it's also, you know, people really excited about Charleston. So they've moved to a secondary market just outside of that, 24 miles away. People have been making some money there. And we've got some assets in Somerville as well. Okay, that takes us up to Maryland. Number 31, meaningless price in Annapolis is just under 500,000, 499,002 years. Price change is only about 0.7%. They've got a 9.5% of underwater mortgages and foreclosures. One in every 39, 64. So just under one in every 4,000 homes. Now this is something to keep in mind. The foreclosure rate in Annapolis is lower than the rate nationwide. The capital of Maryland's housing market is showing some signs of trouble. Home prices have slowed the past year. In fact, the city has a high percentage of listed homes with price cuts than the percentage nationwide. And houses are staying on the market 14 longer than the US apples. They're staying on 80 days. Basically. Three months is still not too bad. But you're starting to see price cuts as people are like, ah, I need to move. Okay, number 30 is back to Connecticut and Stamford. Meaningless price is $570,000 there. Two year price change is 3.5. You have 11.1% of the borrowers are underwater with their mortgage and they have foreclosures for only one in every 4,500 homes. Now the housing market is slowing in the city about 30 miles from New York. Home prices haven't risen over the past year. And houses sale are staying on the market longer than the US Average price. Plus percentage of mortgages underwater in Stanford is higher than the percentage nationwide. So if you don't want to live in New York, you might be able to pick up something with a 30 minute commute to Stanford. Okay, that takes us back to the home of the University of Illinois, Champaign, Illinois. Meaningless. Home price is 165,000 to your price change is 3.2%. Percentages underwater mortgages at 11%. And there's a foreclosure for one in every 2,100 homes. Housing market in the city that's home to the University of Illinois is slowing, is showing signs of weakness. The growth in home price has been slowing. Houses spend more in days in the market in Champaign than they do nationwide. And both the foreclosure rate and percentages are higher than national averages there for you. So keep that in mind. We've seen price change from 84 in Toledo up to, you know, half a million plus. So that's the thing to keep in mind. We're still below the half million dollar range for the most part. This takes us back down to Florida, to Port St. Lucie, Florida. It's a great little area. Median list price is 247,000 to your price change 7.6%. They have a 6.2% of underwater mortgages and there's a foreclosure for one and just under every 1200 homes. Now this is below the national average. Okay. When it comes to underwater mortgages, this is. If you don't know where point St. Lucie is, it's basically halfway between Miami and Orlando. All right, so it's about a four hour drive from Miami to Orlando. It's right about two hours in the middle. Foreclosure rate is twice as high there. You gotta be careful there. That's the thing that's kind of worrition compared to everything else there. Home price growth is slowed in supports, intimacy as well. So prices change. Foreclosures starting to increase. It's not on the water, it's inland in Florida. But you know, you start seeing things that are starting to turn there. Okay, number 27 is back to the Tampa area. Bradenton, Florida, mean list price is 294,000 to your price change 1.7%. 6.6% of the homes are underwater and they have a foreclosure for one in every 1800 homes. The housing market is slowing more in Bradenton than in the neighboring Sarasota. Okay. Home prices fallen 0.3% over the last year. And 21% of the listed homes have price cuts compared with 19.8% in Sarasota and 17.5% nationwide. Now Bradenton has gone through a real gentrification over the last decade. Really. You know, you had areas there were kind of run down that really came in. They were re gentrified and the values have gone up quite a bit over the last decade. I like Bradenton, I like the Sarasota area. I think it's more affordable. I think you'll be a bang for your buck than in Tampa. But you're starting to see the drops there as people are starting to sell, markets hit top and starting to come down. That's the whole thing when you see the price change and price cuts is that the markets started to turn south. Number 26 will be the last one on this episode before we hit the top 25 of the next episode is Ocala, Florida. Mean price is 182,000 year price change about 9%. 10.3% of the mortgages are underwater and there's a foreclosure for one in every 972 homes. Now this is an area, it's in north central Florida. And the foreclosure rate is among the top 10 highest on this list. Okay. Plus this percentage of underwater mortgage higher than the US average. To top it off, home price growth has slowed over the past year. So these are some economic factors that we talk about. List price changing, decreases, price cuts, increases in foreclosures, increases in underwater mortgages. Okay. So that's quite a bit in the top. That's the top 25 or the first half of the top 50 out there. And what can you do? All right. Well if you like investing in the states, let's talk about states. Get a couple in California, couple Georgia, Florida, Illinois were hit hard. Connecticut, Maryland and South Carolina. And then let's not forget McKinney, Texas out of the blue. So you have what, six or seven states there. So things to do if you like those areas is the first thing is I would go to the counties in those cities. All right. What I mean by the county, go to the county clerk, go to and looking since a lot of these were judicial foreclosure states looking for list penance filings. Now lis penance is like the notice of defaults, the same thing. You're in a non judicial state, look for notice of defaults. Now some states they don't record those. Like in Texas they don't record the notice of defaults but they do record the appointment of substitute trustee. And that's kind of the pre foreclosure list here in Texas. So I would go to the County. Look at that, look at notice of defaults, notice the list pendants and start tracking the banks that have the most amount of those filings over the last three, six, nine months. You can run a list pretty easily off the county clerk or you can reach out to a local title company hopefully you're doing business with and ask them to pull it. They may charge you for that, which I think is well worth it. But anyway, what are you going to see? You're going to see a lot of the same similar banks. A lot of lending institutions do that. And those would be the institutions that I reach out to. I would pick up the phone or I would jump on Lane Guide and try to track down their special assets or secondary market department inside the institutions. If I couldn't find anything on Lean Guide or jump on LinkedIn and do the same thing, look for somebody inside those institutions and start reaching out to them. Worst case, since there's been a foreclosure filing, there's usually an attorney that's been filed in and maybe they handle the foreclosures for everything in that firm. So I would reach out to the attorneys and see if they could maybe give you a backdoor contact into the bank to see about buying the debt and going from that route. So that's the thing, you gotta realize what you're seeing obviously national days on market 66 across the country when you start seeing 90 especially you know, go from three months to four months, people will start selling, dropping their prices dramatically to try to get a buy. Because the last thing they want to do for the most part is a. When you look at the times of the year they're trying to sell their home either during the Christmas holiday holidays or the summer holidays were the most amount. But you have, it's dragging on four months, five months, they're gonna take the price, get started, move. Cause oftentimes most people can't afford a mortgage payment on a house they're trying to sell and then either a, a rental that they're paying for or it's affecting them because they're not in the same area or they trying to sell cause it's too much for them anyway. Now this is why you also will see an increased number of short sale listings in an area. So that's another option for you to do as well if they're underwater mortgages is take a look at besides the default rates. Start looking at listed short sales on the mls. Reach out to a realtor and say hey could you pull us to short sales and Then in neck of the woods, this is something we did over a decade ago when short sales really were through the roof. So take a look at that. Check who the banks are. You may want to contact a local realtor, work with them, coach them through that. Most of them have a. The MLS will have a button in the MLS where you can see like a realist report will show you who the most recent lender is. That's recorded and that gives you the contact information or to give you the bank to reach out to to find the right contact information on like I said on Lean Guide. Oh my gosh. Distress Pro, if you want to use that or LinkedIn as well for you. So you may want to use a couple other lists and just jump on there. Start calling down for dollars, especially lenders lending in those areas, lenders known to lend, that state are going to be affected. And then you can also check people in those counties online guide. So think about that. Do a county search. Check the assignment of mortgages. That's an easy one to see who's doing an assignment by banks in those counties. Like we did one in Orange County, Florida, which is where Orlando is at. And there's over 1400, 1500 maybe entities that had mortgages either either assigned to them or they assigned on they were buying or selling mortgages. That became a really great hot list. First of work. So keep in mind those markets out there, you know, that's the first half of the top 50. Don't get me wrong, it gets a little bit uglier in the top 25 we'll go through in the next episode here. But I didn't want to squeeze these two together. I thought there was too much great information, great targets, 25 cities, counties that you can dive into. Obviously, you know, you saw a couple areas around Tampa are being hit, a couple areas north of New York, around Illinois, around Chicago, and then also the Florida coasts as well there with West Palm beach and Fort Lauderdale. So stay tuned for our next episode. Check it out. But as always, if you'd like to find more information on what we do as real estate and notes, you can feel free to text the word notes to Sunny 2000. Just pull out your smartphone and text the word notes to sunny 2000. Or check out weclosenotes.com and register as a buy there. So got some great stuff going on and we look to share some more knowledge on what markets you should be targeting. So have a great day everybody, and we'll see you all at the top. Bye.