Most foreclosure buyers are local community developers renovating and reselling to owner-occupants. Daren Blomquist of Auction.com examines this market segment and others taking part in home auctions nationwide.
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Wayne County, Michigan, sold a bundle of more than 6,000, distressed and blighted properties to a single bidder for more than $3 million in the county's tax foreclosure auction earlier this week, according to Wayne County Chief Deputy Treasurer David Szymanski.
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An anonymous bidder offered slightly more than $3.1 million in an auction last week to buy more than 6,000 foreclosed homes in Detroit, according to Wayne County, Michigan, Chief Deputy Treasurer David Szymanski.
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RealtyTrac's latest U.S. Foreclosure Market Report for April 2014, revealed foreclosure filings were down 1 percent from March, totaling approximately 115,000. April's figure reflects a year-over-year decrease of 20 percent.
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