From the Press Enterprise: Inland foreclosure auctions draw more sales as lenders get more flexible about prices.
Investors bought more foreclosed homes on the courthouse steps in California last month, reflecting a growing willingness of lenders to accept more deeply discounted bids, ForeclosureRadar, a Web site that tacks foreclosure auctions, reported Wednesday.
It was the first significant surge in investor activity at trustee sales since Foreclosure-Radar began tracking them in 2006, said its founder, Sean O'Toole.
Despite more than 97 percent of the foreclosed properties being returned to the lender after auction, there was a 34.6 percent increase in properties purchased by third parties, which most likely were investors, the report said.
Percentage returned (failed auction) = 97%
Percentage sold = 100 - 97 = 3%
This was a 34.6% increase from previous auctions.
Percentage previously sold = 3/1.346 = 2.23%
Percentage previously returned = 100 - 2.23 = 97.77%
You've gone from 97.77% failure to 97% failure.
Fuckin' A, Daddy-O!!! Crack open the Veuve Cliquot!
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