an article from The Denver Post, reports that slower pacing is helping to drive up REO bidding. Bidding wars occur frequently for REO properties, especially those priced under $200,000. Some even attract as many as 20 or more offers. Lenders are slowing releasing their repossessed foreclosures back onto the market rather than flooding the market. According to Michael Clarkson of Mile High Home Hunter Realty, part of the strategy is to "price them low and dirty to get people to come in and bid." Ed Cluff, an investor who has purchased several hundred REO properties since 1979, believes the holdback strategy is working for lenders. "I've seen a lot of price escalation, particularly in north Aurora, Thornton and Montbello."
http://www.denverpost.com/businessheadlines/ci_12331999
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