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There is a clamoring for “deals”.

Over the last twelve weeks there have been 785 trustee sales where a bidder purchased the property, rather than it go “back-to-bene”.

There were probably a few of the 785 that were bought by an owner-user, but we can probably guess that more than 700 were bought to flip:

Trustee-Sale Results, last 12 weeks:

Week 3rd Pty Back-to-Bene Total
6/29-7/3
75
233
308
7/6-7/10
48
210
258
7/13-7/17
74
204
278
7/20-7/24
62
170
232
7/27-7/31
74
219
293
8/3-8/7
69
273
342
8/10-8/14
62
233
295
8/17-8/21
60
232
292
8/24-8/28
77
240
317
8/31-9/4
62
173
235
9/7-9/11
58
195
253
9/14-9/18
64
252
316
12 weeks
785
2,634
3,419

A whopping 23% of the trustee sales over the last 12 weeks resulted in a 3rd party buy.

The chances of “stealing one” must be greatly diminished by the increased competition between bidders. Will the banks/servicers take notice, and trustee sales become a primary liquidation spot? They should unload more at the court house steps with that much action – we’ll keep an eye out!

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