Falling US home prices are starting to ignite bidding wars in a few parts of the U.S. as first-time buyers compete with investors for the same foreclosed properties.
In most of the nation, the supply of unsold homes continues to swamp demand. Home prices in many markets continue to fall, and foreclosures, which slowed in late 2008 as mortgage companies delayed taking action against delinquent borrowers, are picking up again.
But real-estate brokers say multiple offers on certain homes have recently become more common in parts of California and Arizona and the Washington, DC, and Minneapolis-St. Paul metropolitan areas.
Wall Street Journal