Monday, May 14, 2007

Home auctions knock down prices in a hurry

The WSJ says that "An auction of nearly 100 foreclosed homes [in San Diego] Saturday showed that mortgage lenders are having to accept huge discounts in some cases to unload such properties.
A surge of foreclosures over the past year or so has left lenders struggling to sell a growing backlog of homes" adds that the sale prices wind up being at levels 30 to 50% lower than previous sales in the developments concerned...this will likely eliminate equity withdrawals in some neighborhoods...

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