With rent and foreclosure moratoriums I wondered if any properties actually still made it to the auction stage. So last weekend I made a list of everything that was scheduled for auction between Aug 31 and Sep 4 in 4 counties of Southern CA that I follow. The list was something over 100.
Most were rescheduled - sometimes by a week sometimes by month. But two of them actually made it to the auction stage where they were sold to an outside party. I think a couple others were taken back by the bank.
I would think it's pretty easy to avoid getting to this stage these days. All the special emergency laws should make it hard for lenders to foreclose.
The other non-intuitive point is that SoCal real estate market is pretty hot right now. If I was in foreclosure I could almost guarantee it would never be sold at the auction. I'd do a short-sale, make a deal with an investor, and/or with the lenders.
It would be interesting to know the details of these properties and why they went this far in the process....
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