with investors from across the border in Desoto County, Mississippi, and about an hour northwest on Interstate 40 in Madison County, Tennessee. On the other hand, county-level markets that lost traction with geographically flexible investors in the first half of 2024 (see Figure 3) were led by Cook County (Chicago), Illinois, where the share of out-of-county buyers was down 49%, followed by Maricopa County (Phoenix), Arizona (down 48%); Tarrant County (Fort Worth), Texas (down 39%); Fort Bend County (Houston area), Texas (down 39%); and Dekalb County (Atlanta area), Georgia (down 32%).
DAREN BLOMQUIST
Daren Blomquist is vice president of market economics at Auction. com. In this role, Blomquist analyzes and forecasts complex macro and microeconomic data trends within the marketplace and greater industry to provide value to both buyers and sellers using the Auction.com platform. Blomquist’s reports and analysis have been cited by thousands of media outlets nationwide, including all the major news networks and leading publications such as The Wall Street Journal, The New York Times, and USA TODAY. He has been quoted in hundreds of national and local publications and has appeared on many national network broadcasts, including CBS, ABC, CNN, CNBC, FOX Business, and Bloomberg..
▲ SOURCE: AUCTION.COM, TOP 40 COUNTIES FOR FORECLOSURE AUCTION VOLUME JAN TO JUN 2024
mostly from other markets within California. For instance, in Sacramento, California, 59% of out-of-county buyers are from Los Angeles County in southern California while a combined 18% are from the Bay Area counties of Alameda, Contra Costa, and Santa Clara. The story is different in middle-America markets like Shelby County/Memphis, Tennessee, which attracted out-of-county investors from Broward County, Florida, and Alameda County, California—along
Sacramento, California (up 196%); Suffolk County (Long Island), New York (up 108%); Shelby County (Memphis), Tennessee (up 106%); Clark County (Las Vegas), Nevada (up 93%); and Los Angeles County, California (up 73%). The increase in California counties may be somewhat surprising given that only 2% of California property buyers on Auction.com are from out of state. But some California markets are attracting more geographically flexible investors,
12 | think realty magazine :: september - october 2024
Made with FlippingBook Online newsletter