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.