Big lenders bidding to keep homes |

Interesting turn of events in Florida:

“But since Blackstone began buying investment homes here in October — a shopping spree that began at local foreclosure auctions — lenders began to greatly increase their bids. In those eight months, banks bid above assessed value on about 39 percent of their auction offers, a Herald-Tribune analysis of auction records shows. Meanwhile, competition has grown fierce.

Spending activity from investors has spiked 220 percent over the year, with non-banking entities paying $108.1 million during the past 12 months to snap up Sarasota and Manatee foreclosures.

A recent Herald-Tribune review showed these institutional investors have routinely paid well above realistic values for their purchases.”

Now banks appear to be joining in.

via Big lenders bidding to keep homes |


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