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For investors in single family homes, auctions can be a great place to find deals. When homeowners can’t pay their mortgages, lenders will take back the properties and often put them up for sale at auction where investors can pay 25% less than the estimated value of the home, and sometimes even less. Daren Blomquist, VP of Market economics at Auction.com, discusses the macro state of the market and what to expect in 2023. Auction.com currently puts 3,000-5,000 on their site per month and that amount is likely to increase. Darin anticipates a recession in 2023 and an increase in foreclosed homes and great opportunities for investors.
