Investors: Few deals at foreclosure auction [South Florida]
Investor Tony Barquin shifted amid the crowd in the stuffy auction room at the Miami-Dade County Clerk’s office Thursday, pondering which among scores of homes in foreclosure he might bid to buy.
As more and more homeowners can’t pay their mortgages, the number of properties hitting the auction block has skyrocketed. So Barquin’s business should be booming. But Barquin said fewer are worth buying. He left the auction empty-handed.
”Everything is upside down here,” he complained, describing homes worth less than the debt on them. “In a month, there might be only a few really good deals.”
The result: Lenders reluctant to take deep losses are taking properties back in greater numbers in hopes of selling them later for more money.