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Monday, July 18, 2011

More Bidders at Foreclosure Auctions

by Calculated Risk on 7/18/2011 07:59:00 PM

Note: There are various reports that the servicers are still filing documents with robo-signing. Geesh!

From Eric Wolff at the North County Times: Foreclosure auctions getting pricey

Competition at foreclosure auctions has become fierce in 2011 as more bidders battle over fewer properties, according to analysts and pricing data.

The number of bidders ballooned this spring, as small-time investors entered the market and institutional investors started buying more ...

In the first half of 2011, the median gap between opening bids and winning bids grew to the highest amount in the last five years, according to a North County Times analysis of data from ForeclosureRadar.
"Margins have started to dry up a lot," said Bruce May, a Vista house investor who has abandoned the auctions because of the competition.
That last comment reminds me of the famous Yogi Berra quote: "It's so crowded, nobody goes there.". The lenders would probably get higher prices if they put the auctions online and gave people better advance notice.

NAHB Builder Confidence index increases in July, Still Depressed
Residential Remodeling Index at new high in May
Lawler: Existing Home Sales Down in June

Summary for Week Ending July 15th
Schedule for Week of July 17th