A TV news segment this week showed hundreds of people filling up huge meeting rooms for a chance to bid on a bank foreclosure at an auction. The commentator said 85% of auction buyers are “end users,” ie, people who intend to live in the property, thus leaving a small percentage of buyers in the “investor” category.
Homes have become much more affordable for many prospective home owners and interest rates for mortgages are exceptionally low right now.
Does all of this auction excitement mean the U.S. housing market has …