Real estate auction activity is thriving in certain areas of the United States. We know this first hand given the fact we bid and win on these homes all the time in SWFL. It’s interesting however to watch the trends for this type of real estate sale throughout the country. Much depends on the market area; the more foreclosures, the more court auctions. The more property driven a certain market is, the more sales you are going to experience, obviously.
Take Chicago for example; although the foreclosure rate is by no means low, it still isn’t as high as Florida in the single family home and condo category. There is more commercial property available at court auction in Chicago and to some investor’s that is quite appealing; but the flood of investors looking to residential homes and condo auctions run to Florida due to the huge potential in turn around profits from a court auction purchase now and a resell later in a more prominent seller’s market.
Southwest Florida foreclosures
only strengthens the number of real estate auctions. A recent article in the New York Times stated that the state routinely sets new records for foreclosures. Georgia is also is a big contender in the “who’s got more court auctions available” race.
States that are not as prominent in court auctions in comparison to Georgia and Florida would be New York, New Jersey, Massachusetts, Connecticut and Rhode Island.
One thing can be said of court auctions; they are becoming a more and more popular option and lucrative method of purchasing by investors. Given the current market conditions and predictions of the upcoming few years, it doesn’t look like court auctions will be scarce anytime soon.