Higher Sales at Foreclosure Sales Auctions?
An article from the Certified Distressed Property Expert (CDPE) website stating the additional evidence supporting the shortage in the housing market. It is more difficult nowadays for investors to pickup bargains. In the past the investors have been able to wait out the “preference” period given to home-occupant buyers. The HUD and many banks have a period of time giving priority to the buyers occupying the homes. With plenty of foreclosed properties available on the market, we saw the sales at the foreclosure auctions drop as there was no need to take unnecessary risks. I suspect the sales at the foreclosure auctions and short-sales will pick up again as the investors see those as the opportunities to buy. It is a risk-and-reward situation. Buying at auctions is riskier so there must be higher rewards!