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79 (Federal Housing Administration-backed loans) in the last two years." REMOTE BID EXPANSION While online REO auctions have quickly become the darling of distressed property buyers given the specific challenges of the coronavirus crisis, new foreclosure auction remote bidding technology that Auction.com recently launched will eventually expand the pool of distressed inventory available to buy remotely. e process of building the remote bid program for foreclosure auctions began more than a year ago, long before the current health and market turbulence. It was built to provide buyers with even better access to more distressed inventory while also giving mortgage servicers an even more competitive marketplace in which to sell distressed inventory. "We present proof of funds ahead of time as high as we're going to bid and then we bid online," said the Portland, Oregon investor. "at (will) net the sellers 20% more I think." DISTRESSED PRICE APPRECIATION OUTPACING RETAIL Innovation like remote buying combined with a broad base of buyers—including many countercyclical buyers—has translated into the distressed marketplace consistently outperforming the retail marketplace in terms of price appreciation. e average price for foreclosure sales via the Auction.com platform in January was up 11.2% from a year ago— nearly twice the 6.5% rate of appreciation in the larger retail market, according to an analysis of average sales prices in Multiple Listing Service (MLS) data. January marked the 33rd consecutive month where annual price appreciation for Auction.com foreclosure auctions outperformed price appreciation in the larger retail market, according an analysis of public record data from ATTOM Data Solutions. Preliminary data from February and March show those months also on track to see strong year-over-year appreciation in average foreclosure sales price. RESPONSIBLE RETURN TO RETAIL A distressed marketplace with broader access to inventory and more competition for that inventory is generally better for both buyers and sellers; however, a responsible distressed marketplace also needs to consider impact on neighborhood stabilization. Distressed properties are inherently destabilizing to a neighborhood because they typically are properties with deferred maintenance and unpaid property taxes. is creates a drag on surrounding home values and lowers revenue for local government services. e more efficiently a distressed property can be rehabbed to full retail value and returned to a new homeowner or tenant, the more stabilizing effect it has on the surrounding neighborhood. e vast majority of real estate investors buying distressed properties are quickly and responsibility rehabbing the homes and getting them into the hands of owner-occupants within a year, according to an Auction.com analysis of more than 164,000 properties brought to foreclosure auction in 2018 and 2019. Among properties that sold to third-party buyers at the auction and then subsequently resold, 69% were owner-occupied within a year. Additionally those properties gained an average 23 percentage points in value between the foreclosure auction and the resale, based on an analysis of sales price to a full "after repair" automated valuation model. Most investors are also responsibly rehabbing the roughly 30% of homes that are purchased at foreclosure auction and then held as rentals. According to the Auction.com 2020 Buyer Insights Survey, 45% of buyers who hold properties as rentals said they budget at least 20% of the purchase price for rehab costs, and an additional 36% said they budget 10 to 20%. Lastly, during the national emergency precipitated by the coronavirus crisis, Auction. com is requiring all buyers on its platform to sign a pledge that they will refrain from commencing any evictions during the 60-day federally mandated moratorium on evictions. Daren Blomquist is VP, Market Economics, 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. Blomquist 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.