Getting blown out in todays tax sale

[Ned Carey]

Baltimore tax sale is going on as I write this. Getting blown out. Extreme competition in our space. Typically there would be only on or two other bidders on the low end properties. Today we have 4-8 bidders even on all the junk properties.

Most of those properties will not redeem. They will not be able to foreclose because their cost to take the properties is more than they are worth. They will have to walk away from these properties for a total loss.