The Real Estate Bloggers

Foreclosure Auctions Still Bringing in Buyers in California

Posted: 25 Oct 2010 03:19 AM PDT

Foreclosure-4 With all the talk about some banks halting foreclosures there is still one undeniable truth in the real estate industry.

Banks own too many homes that they need to sell.

And sell them they are. A couple of auctions in California this past week have sold hundreds of homes at rock bottom prices. There are hundreds of thousands of homes in the foreclosure pipeline and banks are choking on them. They have taken their losses and are ready to move on.

So we may be seeing a slowdown on new foreclosures as banks get their paperwork in order but do not forget that if you are looking to buy a foreclosure they are out there.

Sunday’s auction of about 100 houses, condominiums and residential lots in Riverside County, one of the areas hardest hit by the housing crisis, was the second held over the weekend by Real Estate Disposition’s Auction.com. At a similar event Saturday near Los Angeles International Airport, 118 properties sold for a total of $15 million. The firm will hold another auction Monday evening in Palm Springs.

Bidders came armed with cashier’s checks and personal checks for $5,000 to cover the 5% premium charged by the auction company. A central projection screen indicated whether a property was being offered with financing available, by an all-blue background, or would be an all-cash purchase, via a green starburst, just in case they couldn’t make out the auctioneer’s rapid-fire chatter. via The LA Times

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Foreclosure Auctions Still Bringing in Buyers in California