Third-Party Sales at Foreclosure Auctions Now Higher Than Ever #realestate #homeownership

Source:  HousingWire

Investors are undaunted by rising home prices and increasing interest rates, and perhaps even encouraged by it, as the share of third-party sales at foreclosure auctions reached a new high.

In fact, third party buyers, those who are not associated with the lender or former owner, made up 28.5 percent of all completed foreclosure auctions in 2016, according to the Year-End 2016 U.S. Home Sales Report from ATTOM Data Solutions.

The remaining 71.5 percent went back to the foreclosing lender.  This is up from 23.5 percent in 2015 and the highest point going back to the earliest data available in 2000.

A total of 96,438 single-family homes sold to third-party buyers at foreclosure auctions in 2016.  This was led by buyers in San Jose, Calif., where 59.1 percent of all foreclosure auction homes sold to third-party buyers.  This was followed by Los Angeles with 52.2 percent, Reno, Nevada with 52.1 percent, Oxnard-Thousand-Oaks-Ventura, Calif, with 50.3 percent, and Stockton, Calif., with 50.2 percent.

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