Thursday, October 12, 2006

'Caravan Auction' For 400 Homes

A ca is planned. "Getting a deal on a home purchase seemed to be a thing of the past but the surge in foreclosures nationwide offers buyers the chance to purchase real estate at a discount. Over 400 single family foreclosure homes in Illinois, Indiana, Ohio, and Pennsylvania will be auctioned for several of the country's national lenders from October 23rd-November 1st at multiple locations."

"Homes are valued from $5,000 to more than $450,000 and will likely sell well below their market value in a competitive bidding environment. In large 'caravan' auctions such as these, sellers accept almost every offer in order to recover costs of defaulted loans."

"'Real estate auctions allow buyers to capitalize on the market and buy property at great prices. This is a unique opportunity for first time home buyers to get a toe-hold in the housing market or investors to take advantage of a cooling market by purchasing multiple properties at significant discounts,' remarked Dave Webb, principal, Hudson & Marshall."

"'The housing market always experiences ups and downs but investors who purchase property in a declining market usually realize sizeable returns on their investments, as the market rebounds, making foreclosures a good buy,' added Webb."

"Risky loans, such as adjustable mortgages and interest only loans, which perhaps allowed consumers to buy more house than they could afford are resetting to higher rates, resulting in numerous homeowners defaulting on their mortgages. Realty Trac's(TM) August 2006 US Foreclosure Market Report found 115,292 homes entered some stage of foreclosure, jumping 53% compared to a year ago."


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