The nationwide eviction moratorium put into place following the pandemic declaration created havoc for distressed property supply, including occupied bank-owned (REO) homes.
“Demand for REOs dropped in the days and weeks immediately following the enactment of a nationwide eviction moratorium in late March,” said Auction.com VP of Market Economics Daren Blomquist. “The occupied REO sales rate dropped to a record low in April.”
Today, occupied REO demand tells a much different story, even though Auction.com requires all REO buyers to sign a Community Stabilizing Pledge agreeing to refrain from evictions until the year’s end.
Learn more about the V-shaped recovery of occupied REOs in the latest episode of Disposition Download.