Distressed properties sold on a transparent auction platform produce higher homeownership rates, more value added during renovations, and shorter renovation timelines than distressed properties sold in the traditional retail market, according to the first-ever Auction.com 2023 Neighborhood Stabilization Report. These trends hold true even in low-income and minority neighborhoods that are often disproportionately impacted by distressed properties.
The report also revealed that more than 180,000 properties foreclosed in the last seven years are now owner-occupied, with 56% of all properties foreclosed during that period going through the Auction.com platform.
Furthermore, the report explores how local community developers are reshaping the perception of today’s auction buyers and spotlights how they have been integral to improving an Alabama neighborhood. Read the entire report to find out:
- The value added during post-foreclosure renovations
- The speed at which foreclosed homes are returned to the retail market when sold at auction
- How pre-foreclosure auctions help protect equity for distressed homeowners
- How local community developers help expand homeownership
- The effect Auction.com buyers are having on Birmingham’s 35215 zip code
Download the report for a comprehensive look at how local community developers and a transparent auction platform are helping to expand homeownership.