Posted on 01/26/2008 11:27:35 PM PST by newbie2008
The real estate auction business is booming. Real Estate Disposition Corp is auctioning 2,000 homes in California and 575 in DC, Maryland, and Virginia. More states are coming up.
I love seeing tiny crackerbox houses going for more than a mansion would here in Dallas/Ft. Worth!
http://dallas.craigslist.org/rfs/
The site linked to is an economics and financial blogsite, and it is *not* any kind of advertisement. :-)
Full Disclsoure: If you do click through, some of the prior evaluations listed for the homes pictured show just WHY all th e banks are taking such large writeoffs on their real-estate portfolios...
Cheers!
There is nothing new about an auction boom in a depressed market. It is really an act of desperation and sad to say most times it does not work. Because the property does not bring what the mortgage balance is.
Anyone with any brains making a bid will walk away with properties with minimum starting bids are 3 times the actual value. The banks and mortgage ho’s are just trying to offset their losses in the real estate markets with them flippin with their pudds during the artificial run up.
Like, *PING*, dude.
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