In California and elsewhere “out west,” investors move distressed homes through the system far faster than lenders, reported ForeclosureRadar yesterday. In Arizona, California, Nevada, Oregon and Washington, foreclosure auction investors are offloading properties faster than ever, “partially due to spring selling activity” and in part due to “an overall lack of quality, affordable homes for sale,” said ForeclosureRadar’s CEO Sean O’Toole. In Oregon, for example, investor-bought houses move in 122 days while comparable houses move in 208 days when taken over by banks. O’Toole credits the time differential with the fact that “investors have become better at turning a foreclosure into a marketable property that attracts buyer interest” and with fears associated with buying from lenders that are a result of the robo-signer fiasco.
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