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Foreclosure buyers competing for fewer homes at auction01 Nov

On any given Thursday, you can find John Dilday at the foreclosure auction in downtown Denver looking for his next deal.

Known as “the godfather” among his cronies at the weekly auctions, Dilday has been buying properties at foreclosure sales for the past 20 years. Used to be, he’d buy the house, fix it up and sell it. These days, he flips many of the roughly 100 houses he buys each year to other investors.

“I look at it as I want to turn my money,” said Dilday, who sells about 60 percent of the homes he buys to investors. “As a fix-and-flip, it takes a lot longer to get it on the market.”

Since Bank of America put a nationwide moratorium on foreclosures earlier this month due to concerns about improperly handled

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