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63 and 10 properties in the first seven months of 2022 accounted for 38% of all purchases, up from 30% in the first seven months of 2021. e slightly higher volume of purchases indicates a more established investor, but these investors are still relatively small-volume local community developers. e median distance between buyers and properties purchased on the ADC platform in the first eight months of 2022 was 20 miles, down from a median of 23 miles in the first eight months of 2021. Atlanta-area investor Tony Tritt is a good example of a well- established local real estate investor. He started investing in real estate about 25 years ago and has grown that into a small business that employs 11 full-time staff and keeps construction crews of more than 20 people busy renovating the 35 to 50 properties he buys each year. He has averaged five foreclosure auction purchases a year through Auction.com over the past decade. "It was different the last several years because you're in a rising market … that makes it a little easier because you're buying off today's numbers," said Tritt, who contends that some bandwagon investors of the last few years have been overpaying for homes purchased at foreclosure auction. "(Now,) I give myself some room in case it goes down." Established local community developers like Tritt are not to be confused with the Institutional Investors that scooped up thousands of properties at foreclosure auction. ose investors have largely exited the foreclosure auction marketplace and turned to the retail market and bulk purchases from other institutional investors as their primary acquisition channels. Public record data from ATTOM Data Solutions shows investors purchasing 10-plus properties a year accounted for 9% of purchases at foreclosure sale in the first nine months of 2022, down from 12% in 2021 to a new record low since 2000, the earliest year data is available. By comparison, 52% of foreclosure auction sales went to these buyers at the peak of the last foreclosure crisis, in 2009. Many of the institutional buyers purchasing during that last foreclosure crisis were holding properties as rentals. at is not the case for the established local community developers like Tritt, who has renovated and resold 70% of the properties he purchased on Auction. com since 2016, based on an analysis of public record data. Ninety- one percent of his resales went to owner-occupant buyers. Most other Auction.com buyers are also reselling a high percentage of properties to owner-occupants. An analysis of more than 150,000 properties sold at foreclosure auction on Auction.com between 2016 and 2022 shows that 53% have been renovated and resold, with 73% of those resales going to owner-occupants. Daren Blomquist is the VP of Market Economics for 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 the Wall Street Journal, the New York Times, USA TODAY, and on many national network broadcasts, including CBS, ABC, CNN, CNBC, FOX Business, and Bloomberg. SHIFT TOWARD MORE ESTABLISHED LOCAL BUYERS AUCTION BUYERS STILL LOCAL RETAIL OCCUPANCY RATES BY DISPOSITION TYPE