July 16, 2012
A foreclosure auction held by Auction.com. Investors from around the world snap up homes in cities hit hard by the foreclosure and mortgage crisis as they believe prices have bottomed out and now is the time to purchase.
Many of the buyers in the auction talk to investors, not present, by phone, as the homes are sold. Very few actual invests attend the auction.
In some areas of the west, such as Phoenix, AZ housing prices have gone up as much as 20% in the past few months as banks and investors sit on the homes looking to flop them when the tie is right. This has caused a squeeze on the number of homes available to purchase driving housing prices artificially up.