Auction.com, Irvine, Calif., said its annual Seller Insights Report found nine in 10 mortgage servicers disposing of distressed properties on the Auction.com platform expect their foreclosure auction volume to increase in the next 12 months.
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Majority of Real Estate Investors Describe Local Markets as ‘Overvalued’
Auction.com, Irvine, Calif., said 55 percent of buyers purchasing distressed properties on Auction.com described their local market as “overvalued” with a correction possible, up from 40 percent a year ago.
Local Investors Drive Record Demand for Foreclosures
Auction.com, Irvine, Calif., reported more than three out of four distressed property buyers are local investors and nearly nine in 10 purchased five or fewer investment properties in 2020.
Auction.com: More than Half of Foreclosure Buyers ‘Mom and Pop’ Investors
As the foreclosure crisis from earlier this decade wanes, the profile of purchasers of foreclosed properties has shifted away from larger investment operations to “mom and pop” investors, said Auction.com, Irvine, Calif.