Real estate investors last month bought 278, or 39%, of the 718 homes and condominiums sold at auctions in Orange County, Calif., one of the hardest hit housing markets in the state. According to a report by ForeclosureRadar.com, the ratio of properties not going back to the bank has been steadily increasing as residential lenders and servicers offer bigger discounts on auctioned properties. The Orange County Register reported that it has seen discounts as high as 60% off debt owed on a first mortgage and the norm seems to be around 30% off of debt owed.
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