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INVESTMENT PROPERTY PRESERVATION TECH
FORECLOSURE
AUCTION APP
FINDINGS SUGGEST
STRONG HOUSING
MARKET
Auction.com's January "Super Tuesday''
foreclosure auction event indicated a strong
housing market, according to an analysis by
Auction.com. Daren Blomquist, VP, Market
Economics at Auction.com, noted that views
on the Auction.com mobile app Foreclosure
Interact feature jumped 51% on Tuesday,
January 7.
"Super Tuesday" is a monthly event held
by Auction.com on the first Tuesday of every
month, with properties in Georgia and Texas
up for sale.
"Given that Auction.com accounts for
close to 50% of all foreclosure auction sales
nationwide, the sharp increases in views on
Foreclosure Interact—which allows prospective
auction buyers to engage with live foreclosure
auctions from their mobile devices—certainly
indicates strong demand from real estate
investors and other distressed property buyers
to kick off the new year," Blomquist said.
e top three markets metro areas with
the most Foreclosure Interact views on January
7 were all in Georgia and Texas—in Atlanta,
Dallas, and Austin—which Auction.com
called "unsurprising." However, six of the top
10 metro areas with the most screen views
were outside of Texas, indicating an increased
volume of remote buyers in locations such
as New York, Phoenix, Los Angeles, San
Francisco, Seattle, and Chicago.
Auction.com also noted that there is a
strong correlation between mobile app views
and the National Association of Realtors
(NAR) existing home sales data, as "demand in
the distressed market is also a reliable leading
indicator of sales strength in the larger retail
housing market."
"e out-of-state increases in Foreclosure
Interact views on Super Tuesday indicates that
these events are attracting interest even from
real estate investors living outside the two
states where Super Tuesday auctions occur,"
Blomquist adds. "at's somewhat surprising
given that prospective bidders typically need to
be physically present at the foreclosure auction
events—or have a proxy bidder present—to bid
on properties brought to auction."
"Given that
Auction.com accounts
for close to 50% of all
foreclosure auction
sales nationwide, the
sharp increases in
views on Foreclosure
Interact—which
allows prospective
auction buyers to
engage with live
foreclosure auctions
from their mobile
devices—certainly
indicates strong
demand from real
estate investors and
other distressed
property buyers to
kick off the new year."
