the visible hand

it is the theory which decides what can be observed – einstein

Bargain houses largely unsold

Posted by ecoshift on December 16, 2007

The Modesto Bee | Bargain houses largely unsold
Courthouse-step auctions offer 1,336 properties in foreclosure — 17 are sold

last updated: December 15, 2007 04:23:07 PM

Another foreclosure record was set in November as 1,336 properties were offered to the highest bidder on the courthouse steps in Modesto, Merced and Stockton.

Now here’s the real surprise: Only 17 of them sold, despite lenders offering deeply discounted prices.

Every weekday, starting about noon, auctioneers seek buyers for foreclosed properties of all shapes and sizes. But more times than not, no one bids.

That’s because foreclosed homes typically have unpaid mortgage debt far in excess of their current value. When no bidder is willing to pay off that debt, lenders usually get stuck owning the homes.


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