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Wednesday, October 10, 2007

Virginia: Foreclosed Homes Flood Auction

by Calculated Risk on 10/10/2007 04:37:00 PM

Ramsey Su reported on an auction in San Diego (see REO Auction in San Diego).

Here is a report on an auction in Virginia from the Washington Times: Foreclosed homes flood auction (hat tip X)

Auctioneer Hudson & Marshall sold nearly 240 foreclosed homes in the Washington area last weekend, making a small dent in a large backlog of homes abandoned by buyers who couldn't keep up with escalating payments.
Many sold for 20 percent below market value. About 75 of the properties offered at auction failed to sell.
Here are a couple of recent amateur videos on auctions:

Northern Virginia Auction

San Diego Foreclosure Sale Oct 3, 2007

And check out the Vandalized REO too. WARNING: Foul language on walls.