Auction

In California, “Back to the Bene” At Record Levels 

Lenders — called the “bene” by foreclosure auctioneers, short for beneficiary — took back California foreclosures into inventory at a record pace in May, to the tune of $10.4 billion. According to foreclosure tracking firm ForeclosureRadar, the May total represents the first time incoming REO in California has exceeded $10 billion in a single month, and came despite a noticeable pickup in investor purchases at auction.