Foreclosure Auction In Arizona Sell 150 Homes, Builder Auction in Oregon 141 Homes
Posted by admin under: Main Dec 17
The large number of foreclosures across the country have led to a glut in the market. Instead of people clamoring to the courthouse steps to find a deal, now these sheriffs auctions are sparsely attended. The problem is that many of the homes that are being sold are upside down, meaning the bank is trying to get more money than any reseller can hope to sell it for.
But the large auctions provide the critical mass of people to get these homes moving. While prices did not go through the roof, three quarters of the homes sold at a Mesa auction held this weekend that was attended by over 2,000 people.
Meanwhile another auction in Oregon were sold 141 homes for one builder over the weekend. The glut of inventory allowed Buena Vista Custom Homes to unload nearly 65 million dollars in inventory allowed the builder to generate cash while giving deals to new homebuyers. The builder said that 96 percent of the homes sold below his cost but freed up money to keep his business afloat. Approximately 1,400 people attended this 2 day auction.
Velocity in any market is important and the use of the large scale auction may just pump a little life into the lower end Phoenix market.
Before last year, most of the homes in default sold at trustee auctions on the steps of the Maricopa County courthouse. Now there are few bidders for those auctions because many of the houses are worth less than what is owed on them.
Auction firm Hudson & Marshall handled the recent auction in Mesa. Values of the houses to go on the block ranged from $100,000 to $600,000. All had been taken back by big U.S. lenders. More than three-fourths of the properties sold for prices ranging from $75,000 to $465,000. via the Arizona Republic
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Source: Foreclosure Auction In Arizona Sell 150 Homes, Builder Auction in Oregon 141 Homes
Monday, December 17th, 2007 at 3:04 pm and is filed under Main. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.