Meanwhile, the bid-to-value ratios for both types of auctions declined from two-year high points in May. Winning bids at foreclosure auctions in June declined to an average of 58.7% of a property’s estimated after-repair value (ARV), while those at REO auctions averaged 58.6% of the ARV.
Foreclosure-auction bid-to-value ratios declined by at least 10% on a monthly and yearly basis in major markets like Miami, New Orleans, Tampa, Orlando and Denver. Auction.com noted that these metro areas tend to have
Auction.com, the nation’s largest online platform for distressed real estate sales, recently reported that demand for homes sold at auction began to decline late in the second quarter of 2024 even as the available supply of foreclosed homes also contracted.
Proprietary data from the California-based company, which accounts for nearly 50% of all U.S. properties sold at foreclosure auction, showed that this trend is being fueled by rising levels of inventory on the retail market. Data from Altos Research found that the inventory of single-family homes for sale was up 40% year over year at details ⇒
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