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Foreclosure Auction Sale

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Real Estate Agent with Perrone Realty

With the rapid property value decrease since 2005, the increase in insurance and property tax, we find ourselves with more foreclosure than we've ever seen. One would think investers would be buying these houses at auction like crazy, but no they aren't buying anything, maybe 2 per auction. Two being alot, two being the most I have personally witnessed. If your thinking two might be alot there are typically 80-120 houses up for sale at each auction. Thats over 225 houses a month going to auction, with only five or six that are actually bought by investers. This leaves me wondering what will the bank do with all these properties. I've tried buying an REO"bank owned prop." from the bank it's virtually impossible, unless you have a few hours to waist on the phone and a little luck it's pointless

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