Posted by Cari on 10/15/09 10:49am
Msg #307447

Ugh more bad news - auctions are slow....

http://news.yahoo.com/s/nm/20091015/us_nm/us_usa_housing_auctions

Reply by Jim/AL on 10/15/09 11:17am
Msg #307458

What do you mean they are slow? Not what I read.

But the rapid-fire, under-the-hammer sales -- usually resorted to only after every other effort to market a property has failed -- are on the rise across the United States, providing a colorful burst of activity in a corner of the weak economy that needs all the life it can get.

"Over the last two years, we've progressively seen more and more of these,"

Reply by Jim/AL on 10/15/09 11:24am
Msg #307460

Sorry, got the meaning of slow now. I guess you mean

not many bids.

Reply by Cari on 10/15/09 11:27am
Msg #307462

foreclosures are not a sign that the industry is picking

up...


"Other troubling signs: buyers passed on almost half the properties offered in Chicago and fewer than 100 bidders showed up for the event, which also attracted some online buyers. "

"We're having a difficult day," said Tom Atkins of Zetabid, the company holding the auction. "There was a $1,000 property that no one bid on. You'd think a slum lord at the very least would buy it and put a (federal housing assistance voucher) renter in there for $600 a month."

c'mon on now...