MARKET & TRENDS: DISTRESSED PROPERTIES
Where to Spot Distressed Property Buying Opportunities in 2024
BASED ON SCHEDULED FORECLOSURE AUCTION VOLUME IN LATE 2023, HERE ARE SOME OPPORTUNITIES YOU MIGHT WANT TO CONSIDER. DAREN BLOMQUIST
F oreclosure auction volume remained muted in late 2023, but scheduled auction data shows which markets will likely have the most volume of distressed property buying opportunities in early 2024. Nationwide, scheduled foreclosure auction volume in the third quarter of 2023 was still 43% below the pre-pandemic level in the third quarter of 2019, according to data from Auction.com, which accounts for nearly half of all properties brought to foreclosure auction nationwide. After ramping up in 2022 following the end of the pandemic-triggered nationwide foreclosure moratorium on government- backed mortgages, scheduled foreclosure auction volume plateaued at about half of pre-pandemic levels in 2023.
COMPLETED FORECLOSURE AUCTIONS: PCT OF Q3 2019 LEVEL SCHEDULED FORECLOSURE AUCTIONS: PCT OF Q3 2019 LEVEL
140%
120%
100%
80%
60%
40%
20%
0%
SOURCE: AUCTION.COM
8 | think realty magazine :: january – february 2024
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