Auction.com: Distressed Market Outlook
July 25, 2019
Irvine, Calif. — July 25, 2019 — Auction.com, the nation’s largest distressed real estate marketplace, today released its Q1 2019 Distressed Market Outlook, which found the average sales price for properties sold at foreclosure auction in the first quarter was $147,115, up 8 percent from the previous quarter and up 7 percent from a year ago to the highest level as far back as data is available (Q1 2016).
The report combines proprietary data from properties brought to foreclosure auction via the Auction.com platform with public record real estate data. In 2018, properties sold to third-party buyers at foreclosure auction through the Auction.com platform accounted for 47.2 percent of all third-party foreclosure auction sales nationwide.
Other High-level Findings:
• Scheduled foreclosure auctions decreased 1 percent from a year ago nationwide but were up in 30 states, Including California, Texas, Colorado and Nevada.
• A declining rate of completed foreclosure auctions as a percentage of scheduled foreclosure auctions in the first quarter shows more distressed homeowners who fall into foreclosure are able to avoid a completed foreclosure.
• The rate of third-party purchases at foreclosure auction increased in the first quarter from a two-year low in the previous quarter, indicating strengthening demand from real estate investors.
• Foreclosure auction properties sold for 20.8 percent below estimated market value on average in the first quarter, down from a 23.5 percent average discount in the previous quarter but up from a 19.7 percent average discount in Q1 2018.
To access full report, please click the source link above.