For anyone wondering who actually is buying at all those condo auctions, USA Today provides an answer. The newspaper interviews President Rhett Winchell, head of Beverly Hills Kennedy Wilson Auction Group. According to the paper, the company sold 1,000 homes at auction in 2008. Just five years ago, the firm was auctioning off 120-175 homes a year. "[Winchell] says that 90% of his customers buy to live in the homes. The rest are investors. 'The format allows first-time home buyers to buy the house of their dreams,' he says. 'People buying today are getting huge discounts over a year ago. ? It's all about price.'" [USA Today]
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