The Future of Auction Sales

first_imgHome / Daily Dose / The Future of Auction Sales Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Future of Auction Sales Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Bracing for Household Debt Spikes Next: Lender Agrees to Pay $15.06M to Resolve Allegations Editor’s note: This feature originally appeared in the April issue of DS NewsDespite dark clouds rapidly forming in the U.S. economy and housing market in early 2020, demand for distressed properties has—at least thus far—remained relatively undeterred.In fact, proprietary data from Auction.com shows that buyer demand in the distressed market has actually increased in the first quarter of 2020 compared to a year ago.More than 40% of all properties brought to foreclosure auction via the Auction.com platform in January were sold to third-party buyers—typically local real estate investors. That foreclosure sales rate jumped 21% from a year ago to a 29-month high. Preliminary data from February and the first half of March show the foreclosure sales rate on track to continue its year-over-year increases in those months as well.Shift to Online AuctionsOf course, far-reaching national foreclosure moratoriums along with widespread local court closures all coalescing around the middle of March mean that foreclosure auction sales will largely grind to a halt well into the second quarter. And rightly so, given the need to avoid unnecessary foreclosures caused by this unprecedented crisis, along with the health risks inherent in a traditional foreclosure auction: a public gathering of dozens if not hundreds of people.But the slowdown in foreclosure sales in Q2 2020 will be more about a temporary slowdown in supply rather than a dampening of demand for distressed properties. That’s evident in website traffic and bidding for online auctions of bank-owned (REO) properties on the Auction.com platform.Website traffic to online REO auction properties accounted for more than 50% of all traffic to individual property pages on Auction.com on March 18—the first time above 50% so far this year. This indicates buyers are shifting to online auctions to acquire distressed properties as inventory at in-person foreclosure auctions dries up—not to mention the added convenience and health benefits buyers get from buying online.“With what we’re seeing now with the coronavirus, which will go away at some point, it makes sense to stay at home,” said a Portland, Oregon-based buyer who buys online REO auction properties remotely in Albuquerque and Las Vegas.The shift toward remote buying of distressed properties means that REO homes available via online auction are attracting more competitive bids. So far in the first quarter, through the middle of March, 89% of online REO auction properties sold on the Auction.com platform have received bids from multiple, competing bidders, up from the previous quarter and a year ago to the highest level as far back as data is available, Q3 2017.Countercyclical Buyer DemandInnovation such as the online auction—not widely used in the retail housing market—is enabling remote buying in the distressed marketplace, and thereby helping to bolster demand even in a season of social distancing. But in addition to technology that enables remote buying—more on that shortly—distressed market demand is also benefiting from the countercyclical propensity of many real estate investors who want to “buy the dip.”“I’ve been preparing for that,” said Denver-based real estate investor Bijan Green. He said he purchased 25 properties in 2019, primarily via online REO auction, and has been saving up cash to buy even more in 2020. “Everybody who is a real investor is waiting around to see ‘When can I buy again?’. Some of the guys that have been in the game for 30 or 40 years that have been dormant, they will start to come in to buy.”The countercyclical propensity of real estate investors was evident during the Great Recession of 2008. Although buyers at foreclosure auction began pulling back on their purchases before the recession hit, the sales rate at foreclosure auction began skyrocketing in late 2008—even while retail home prices continued to drop by double-digit percentages.By the end of 2009, the national foreclosure auction sales rate reached 20.3%, not far below its 22.2% pre-crash peak in Q3 2004. Meanwhile, national median home prices continued their descent for another two years before bottoming out in the first quarter of 2012.During this uncertain time in the retail real estate market, high-volume investors like Tampa-based Lee Kearney were on a buying spree at the foreclosure auction in anticipation of a market recovery. It’s a strategy Kearney plans to employ again in another downturn.“I’m going to go into extreme buying mode when defaults increase and everybody hates real estate,” said Kearney, CEO of Spin Companies, a group of real estate investing businesses. “I believe the opportunity is going to be in the areas with high concentrations of FHA (Federal Housing Administration-backed loans) in the last two years.”Remote Bid ExpansionWhile online REO auctions have quickly become the darling of distressed property buyers given the specific challenges of the coronavirus crisis, new technology being unveiled somewhat serendipitously in the midst of the crisis will eventually expand the pool of distressed inventory available to buy remotely.The process of building the remote bid program for foreclosure auctions began more than a year ago, long before the current health and market turbulence. It was built to provide buyers with even better access to more distressed inventory while also giving mortgage servicers an even more competitive marketplace in which to sell distressed inventory.“We present proof of funds ahead of time as high as we’re going to bid and then we bid online,” said the Portland, Oregon investor. “That (will) net the sellers 20% more I think.”Distressed Price Appreciation Outpacing RetailInnovation like remote buying combined with a broad base of buyers—including many countercyclical buyers—has translated into the distressed marketplace consistently outperforming the retail marketplace in terms of price appreciation. The average price for foreclosure sales via the Auction.com platform in January was up 11.2% from a year ago—nearly twice the 6.5% rate of appreciation in the larger retail market, according to an analysis of average sales prices in Multiple Listing Service (MLS) data.January marked the 33rd consecutive month where annual price appreciation for Auction.com foreclosure auctions outperformed price appreciation in the larger retail market, according an analysis of public record data from ATTOM Data Solutions. Preliminary data from February and March show those months also on track to see strong year-over-year appreciation in average foreclosure sales price.Responsible Return to RetailA distressed marketplace with broader access to inventory and more competition for that inventory is generally better for both buyers and sellers; however, a responsible distressed marketplace also needs to consider impact on neighborhood stabilization.Distressed properties are inherently destabilizing to a neighborhood because they typically are properties with deferred maintenance and unpaid property taxes. This creates a drag on surrounding home values and lowers revenue for local government services. The more efficiently a distressed property can be rehabbed to full retail value and returned to a new homeowner or tenant, the more stabilizing effect it has on the surrounding neighborhood.The vast majority of real estate investors buying distressed properties are quickly and responsibility rehabbing the homes and getting them into the hands of owner-occupants within a year, according to an Auction.com analysis of more than 164,000 properties brought to foreclosure auction in 2018 and 2019.Among properties that sold to third-party buyers at the auction and then subsequently resold, 69% were owner-occupied within a year. Additionally those properties gained an average 23 percentage points in value between the foreclosure auction and the resale, based on an analysis of sales price to a full “after repair” automated valuation model.Most investors are also responsibly rehabbing the roughly 30% of homes that are purchased at foreclosure auction and then held as rentals. According to the Auction.com survey, 45% of buyers who hold properties as rentals said they budget at least 20% of the purchase price for rehab costs, and an additional 36% said they budget 10 to 20%.Lastly, during the national emergency precipitated by the coronavirus crisis, Auction.com is requiring all buyers on its platform to sign a pledge that they will refrain from commencing any evictions during the 60-day federally mandated moratorium on evictions. April 29, 2020 3,432 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Foreclosure, Loss Mitigation, Market Studies, News, Print Features The Best Markets For Residential Property Investors 2 days ago Print This Post Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Auction Distressed Sales 2020-04-29 Seth Welborn Daren Blomquist is VP of Market Economics at Auction.com. In this role, Blomquist analyzes and forecasts complex macro- and microeconomic data trends within the marketplace and greater industry to provide value to both buyers and sellers using the Auction.com platform.Blomquist’s reports and analysis have been cited by thousands of media outlets nationwide—including all the major news networks and leading publications such as the Wall Street Journal, the New York Times, and USA TODAY. Blomquist has been quoted in hundreds of national and local publications and has appeared on many national network broadcasts, including CBS, ABC, CNN, CNBC, FOX Business, and Bloomberg. Demand Propels Home Prices Upward 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Daren Blomquist Tagged with: Auction Distressed Sales The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

‘A Long Time Coming’: Black Women Celebrate Harris’s Ascension

first_img“I’m very proud to be a Black woman, very proud to witness this important time in history given the huge divide that we have in our nation right now,” she said. Ms. Hunter added that she was “encouraged that we can continue to have our little Black girls and other girls of color feel encouraged like they can do whatever they want to do and they can be whatever they want to be.” In Atlanta on Saturday, a celebration was underway on Auburn Avenue, the traditional and spiritual heart of the city’s African-American community. It sits beneath a towering mural of John Lewis, the pioneering civil rights leader who represented Congress for 33 years before his death in July. Some rode up on bicycles and toasted glasses of champagne. Others broke into song.- Advertisement – Rick Rojas and Richard Fausset reported from Atlanta, Audra D. S. Burch from Wilton Manors, Fla., and Evan Nicole Brown from Los Angeles. “It’s opened so many doors for so many little girls who feel like they have been silenced or told they couldn’t be who they are,” said Nikema Williams, who has been elected to succeed Mr. Lewis, as she stood in a parking lot below the mural. “So as a Black woman in politics, this means the world.”Of Mr. Lewis, Ms. Williams said: “I know that he is somewhere doing a happy dance.”Ms. Harris, like Ms. Williams, is also a member of the Alpha Kappa Alpha sorority. Soon, two dozen other sorority members formed a circle under the mural and burst into one of their sorority’s signature songs:- Advertisement – Hearts that are loyalAnd hearts that are trueBy merit and cultureWe strive and we doThings that are worthwhile …Charisma Deberry, a spokeswoman for the Omega Omicron Omega chapter of Alpha Kappa Alpha, in San Diego, said Ms. Harris’s victory “validates the American dream for me.” “Throughout my life, I’ve always been teased for being ‘bossy,’ assertive and ‘talking white,” Ms. Deberry said, “because I had big goals and vision for my life. Today, I am proud to be a bossy Black woman. Just like the vice president of the United States, Senator Kamala Harris.”- Advertisement – – Advertisement –last_img read more

TEDxUSC 2018 aims to ‘Inspire’

first_imgUSC hosted its sixth annual “TEDxUSC” Saturday. The event, sponsored by Undergraduate Student Government and the Academic Culture Assembly, took place on Saturday at Cammilleri Hall. Jose Richard Aviles performed at TEDxUSC | Mahira Raihan | Daily TrojanThe lineup featured six student speakers, who shared personal experiences through storytelling. For the first time, the event was streamed on Facebook Live.The event’s theme, “Inspire,” was woven into each of the student’s speeches. Shane Shahrestani, a second-year Ph. D. student in the USC-Caltech M. D. /Ph. D. program, kicked off the event with his talk “An Interdisciplinary Approach to Health Disparities.” During the talk, he said that he created the app “Thumps,” after realizing the lack of medical accessibility in the world. The app allows users to see a visual representation of their heartbeat and learn their exact beats per minute by using their iPhone as a heart biosensor. USC graduate student Imani Johnson followed with a talk titled “A $10,000 Lesson.” She discussed the importance of teaching financial literacy in communities of color. Then, Keon Sanaie, a freshman majoring in business administration and political science, spoke about his personal experience of living with Tourette’s Syndrome in his talk, “Creation through Criticism.”“I think there are a few issues that haven’t been fully explored,” Sanaie said. “TED provides this incredible platform by which these issues can be conveyed to a larger audience.”After an intermission, Nicole Ricken, a sophomore majoring in psychology, performed an original song dedicated to children with cancer. Ailish Ullmann, a senior majoring in environmental science and health, gave a talk called “What’s missing from great science? Great storytelling,” sharing an anecdote of trying to convince her father of the existence of climate change. “It’s not enough for us to collect data and crunch numbers anymore,” Ullmann said. “As scientists, especially those with any stake in the health of the planet, we must be great storytellers.”USC graduate student Adrian Herrera gave a talk called “The Role of a Wingman” on his experience as a gay man in a military fighter jet squad. USC graduate student Jose Richard Aviles spoke about how he came to a realization about his sexual orientation through dance in “La historia de mi cuerpo. Dance as Body History.”The planning committee for this year’s event started coordinating the program last October. After receiving a high volume of applications, the committee narrowed the speakers down to six speakers. “Inspiring people doesn’t stop at personal stories,” said Winny Huang, the executive director of TEDxUSC. “If anything, that’s where it begins.”last_img read more

Taylor, Vikes take aim at NCAA Regional Tournament

first_imgBy The Nelson Daily SportsGranite Pointe’s Lauren Taylor and the rest of the Portland State Vikings team take to the Washington Golf Club in Auburn, WA. Thursday to compete in the NCAA West Regional Women’s Golf Tournament.Taylor is joined by Big Sky Championship teammates Britney Yada, Tiffany Schoning, Kalyn Dodge and Alexia Brown.The Vikes enter the 24-team, 54-hole tournament, as the 20th seeded team.The competition at the West Regional will be a huge test of Portland State as some of the top-ranked teams in the nation, including Pac-10 Champion, USC, will be among the competitors. Other top-25 nationally-ranked teams playing in the regional are Virginia, Arizona, Georgia, Tennessee, Pepperdine, Iowa State and UC Davis.The top eight teams from the West Regional will advance to the NCAA Championship Tournament, May 18-21, at the Traditions Golf Club in State College, TX.Taylor, 19, enters the NCAA Regional with some of the top freshman numbers in Portland State University history.The L.V. Rogers Bomber grad won two tournaments this season on the Big Sky circuit in California — Cal State Fullerton Folino Invitational and UC Irvine Anteater Invitational.Those accomplishments did not go unnoticed as Taylor earned Big Sky Conference Freshman of the Year accolades — the first freshman from Portland State to claim the honour.Taylor also was named to the All- Big Sky Conference Team with Schoning and Yada. Dodge was named to the second team.All-Conference honors are based on Golfstat.com national player rankings.Taylor’s scoring average of 75.80 is the best ever by a PSU freshman. She also tied a school scoring record for a 36-hole tournament with an even par 144 at the Folino. Taylor is a two-time Big Sky Conference Golfer of the Week.Taylor tees off Thursday at 1:25 p.m., Friday at 8:55 a.m. and Saturday at 1:25 [email protected]last_img read more

Coletti singing with the birdies at Missouri Valley College

first_imgL.V. Rogers high school graduate Josh Coletti is making the most of his senior year on the Missouri Valley College golf team in Marshall, Missouri.The 22-year-old golfer, who earned is playing stripes at the Granite Pointe at Nelson course, carded an even round of 72 to finish second at a NAIA collegiate golf tournament on September 13. A few days earlier (September 11), Coletti placed fourth overall at a NAIA tour stop in in Springfield Missouri finishing the two rounds with scores of 72 and 76.Next up for the Missouri Valley College Vikings team is a two-day event in Mayetta, Kansas.During the summer Coletti kept his game sharp by playing in several tournaments, including the B.C. Men’s Amateur at Swan-e-set Bay Resort in Pitt Meadows.The scratch handicap golfer started the amateur event strong, finishing round one with a 1-over-par 73.However, Coletti struggled during the final three rounds to finish tied for 66th after making the cut.last_img read more

Camera sense

first_img 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! With ridership figures blowing away even the rosiest suggestions, the new Orange Line busway could be called “an unqualified success” – except for one lousy, well, qualification. That would be the vehicle crashes. Although the overall safety record has been solid, the busway has been plagued by the occasional boneheaded driver – none of them the men and women behind the wheels of the buses. A handful of motorists have decided not only to ignore red lights at busway intersections, but to ignore the massive, silver buses heading right toward them, too. In six weeks, there have been six crashes on the busway, all caused by motorist error. But Metropolitan Transportation Authority officials have come up with a wise response: red-light cameras, which should be installed early next year. Studies have shown that these devices reduce reckless driving, as dangerous drivers are seemingly more cautious with their money than with their lives. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREBlues bury Kings early with four first-period goals Since one good idea deserves another, the Orange Line – the best new idea in mass transit in a long time – deserves this sort of protection. A few cameras could go a long way toward making the busway safer and better for all.last_img read more

Tim Derickson sworn in as Interim Director of Ohio Department of Agriculture

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Tim Derickson was sworn in on Oct. 19 as interim director of the Ohio Department of Agriculture. Derickson, who was serving as assistant director, was named by Ohio Governor John R. Kasich to replace Dave Daniels, just weeks before the November elections.Derickson served seven years in the Ohio House of Representatives where he chaired numerous committees, including serving as vice chair of the Agriculture and Natural Resources Committee. He and his family operated several successful small businesses in southwest Ohio and he is a graduate of Miami University. He and his wife, Kelly, have two children and one grandchild.“As a farmer, businessperson, member of the Ohio House of Representative and as part of our Administration, Tim has always demonstrated the integrity, loyalty and command of the issues that are the hallmark of a natural leader,” Kasich said. “I’m grateful for his willingness to step up, get us across the finish line and hand-off the Department the right way to the next Administration.”last_img read more

Welcome to the Age of Robot Reporters

first_imgNozzl was founded by a team of ex-newspaper reporters and engineers. They got out when it was clear the newspaper industry was in trouble, but now they aim to give something back by bringing together the real-time, programmatic possibilities of the web with the reporting of the newspapers. Reporters have for decades written programming scripts that repeat database queries over and over again to extract public data for bulk analysis. The Nozzl team has taken that to the next level and combined it with new social media.The company put up a demo page for Portland, Oregon news that anyone can look at today. The public records streams are the big value-add and are fully customizable per newspaper. Visitors can then type live filter terms into the box at the bottom of the widget to zero in on topics of interest to them. That’s the nozzle in Nozzl Media.User Experience is Hard For RobotsUnfortunately, there are two big issues here. First, the flow of Tweets is overwhelming and undifferentiated. On the demonstration site you see almost nothing else unless you can think of something to filter for. If automated Twitter feeds hold value for local news, they will probably require some smart pre-proccessing before being presented to the reading public.There have always been people who like to listen to police radio scanners. Myself, I like to read restaurant health inspection reports, building permit applications and liquor license applications. If Nozzl had some categories I could choose between, that would be very helpful.The second, and more interesting, problem is that the public records that are extracted are exciting in theory but relatively unreadable in practice. The truth is, Nozzl didn’t exactly tell me that there was an unconscious person reported at Nike HQ today – it told me with code from a form that there was an UNCONS/UNRESPONSIVE report at 1 SW Bowerman Drive, in Portland. A little Mad-Libs style transformation of forms into human-readable sentences and some pre-fetching of names associated with addresses could go a long way. Run the name associated with that address through a News search engine and tell me if it’s an entity that’s been reported on in the past – if so then it’s probably high-priority news to push live again. The company needs to put these machine-readable pages it displays into coherent English sentences, or find some other solution. Don’t Forget the HumansAmbulances to Nike’s Headquarters to help someone unconscious today? That sounds like it could be news. Even if the technology presented the information this clearly – it may take a human eye to pick a story like that out of a list of automatically captured ambulance reports. Having a human available to pick up a phone, call Nike HQ and ask who was found unconscious there this afternoon would add another element of value to this data – but that’s not what Nozzl is looking to do. The company is serving up raw data to news consumers.In the end, human reporters and raw robot feeds sound like a great combination. That appears to be what Nozzl is aiming to create by offering its widgets to established news organizations. The company says that a mobile application could be in its future, too. That’s something I’m very excited about. Be it a widget or a mobile app, Nozzl’s robot reporters need more polish before they are ready to win back the hearts of fast-leaving newspaper readers. As a picture of the future, though – Nozzl is very inspiring.Interested in what companies like Nozzl Media mean for the future of the web? Check out our profile of Nozzl and ten other case study companies in our recent research report The Real-Time Web and Its Future. One hour ago, three emergency vehicles responded to a report of an unconscious person at the world headquarters of Nike Inc. in Portland, Oregon. How do I know? An automated form-pumping robot from startup company Nozzl Media told me.Nozzl Media today unveiled a demonstration of its first product, a widget intended for newspaper websites seeking to display real-time local information derived from Twitter messages, blog posts and automatically extracted public records like restaurant health inspections, building reports and public safety emergency responses. It’s like a little robot reporter and the company plans on offering it as a mobile app in the future as well. Nozzl raises questions, though, about what constitutes news and whether or not human reporters are expendable in the news process. Why Tech Companies Need Simpler Terms of Servic… Tags:#news#NYT#web Top Reasons to Go With Managed WordPress Hosting A Web Developer’s New Best Friend is the AI Wai… marshall kirkpatrick Related Posts 8 Best WordPress Hosting Solutions on the Marketlast_img read more

We must end longstanding conflicts with harmony Sri Sri Ravishankar

first_imgBengaluru: Spiritual guru Sri Sri Ravishankar, appointed by the Supreme Court as a member of a panel to mediate the Ram Janmabhoomi-Babri Masjid land dispute case, on Friday said everybody must move together to end long-standing conflicts. The three-member panel is headed by former apex court judge F M I Kallifulla and also includes senior advocate Sriram Panchu. “We must all move together towards ending long-standing conflicts happily by maintaining harmony in society,” Sri Sri Ravishankar said. “Respecting everyone, turning dreams to reality, ending long-standing conflicts happily and maintaining harmony in society – we must all move together towards these goals. #ayodhyamediation,” he tweeted. The Supreme Court on Friday referred the politically sensitive case for mediation and gave the panel eight weeks to complete the process. A five-judge Constitution Bench headed by Chief Justice Ranjan Gogoi said the panel should file a progress report of the proceedings within four weeks and complete the process within eight weeks.last_img read more

Five questions for Ohio State – Michigan

Do Ohio State players realize how impressive their streak of dominance against the “team up north” is? OSU has won eight of nine games against Michigan since coach Jim Tressel took over, including six in a row. Center Mike Brewster said part of the reason for the team’s success against the Maize and Blue is that the players never stop thinking about the game. “The Michigan thing, it’s always on our mind, even since camp, when we have our Maize and Blue period,” Brewster said. “That’s always very important to us.” Also at stake this year is a record-tying sixth consecutive Big Ten championship, which would be No. 35 in OSU football history. Will OSU approach Wisconsin-like rushing numbers against an overmatched Wolverine defense? Last week against Wisconsin, Michigan gave up 357 yards rushing even though the Badgers played without running back John Clay, reigning Big Ten Offensive Player of the Year. At one point, the Badgers ran the ball 28 consecutively against the Wolverines. Expect more of the same on Saturday against the nation’s No. 92 rush defense. Running back Dan “Boom” Herron could extend his streak of 10 straight games with a touchdown and cross the 1,000-yard threshold this season. How long can Denard Robinson keep Michigan in the game? One thing the Wolverines have going for them is quarterback Denard Robinson, their one-man offensive wrecking crew. Last week, Robinson became the first player in NCAA history to pass for 1,500 yards and rush for 1,500 yards in the same season. He leads the Big Ten in rushing and has accounted for 30 total touchdowns this year. Tressel knows his defense faces a tall task in containing the 6-foot, 190-pound sophomore from Deerfield Beach, Fla. “He’s got great quickness. He’s tough and he’s got a live arm,” Tressel said. “He’s hard to get on the ground. He’s just a great player.” Is this Rich Rodriguez’s last trip to Columbus as Michigan’s coach? Michigan athletic director Dave Brandon is running out of reasons to keep Rodriguez, who has a career record of 15-20 and a dreadful 6-17 conference record. He’s winless against OSU and Michigan State, the program’s top two rivals. However, this season has brought small improvement. At 7-4, the Wolverines are bowl-eligible for the first time under Rodriguez. On the other hand, a blowout loss to OSU, coupled with a poor bowl game showing, might be enough for Michigan to move in another direction. What would an OSU win mean for the team’s BCS bowl hopes? Unless Wisconsin falls to Northwestern on Saturday, OSU likely won’t play in the Rose Bowl. Not only did the Badgers beat the Buckeyes, but they also rank ahead of OSU in the BCS standings. Even if OSU was to beat the Wolverines by 80, it probably wouldn’t be enough to jump Wisconsin. However, a win for OSU on Saturday virtually assures the team of another BCS bowl appearance, possibly the Sugar Bowl, making it OSU’s eighth BCS appearance in 10 years under Tressel. read more