Foreclosed Homes Auctioned at Javits Center

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Foreclosure1.jpgNew York – About 3,000 people from across the tri-state area came to the Jacob Javits center looking for a bargain, with more than 200 foreclosed homes on auction block.

The sale was a grim reminder of a once booming housing market gone bust.

Bidders were allowed to pre-register and some had already gone to open houses of the listed properties to know exactly what they were getting.

Bidders only need a $5,000 cashiers check to bid and if they win there are lenders on hand to pre-approve them for a loan.

USHomeAuction.com says the homes are discounted by a minimum of 70 percent from their previous valued price.

For example, a 2,500 square foot house in Jamaica, Queens valued at $555,000 has a starting bid of $69,000 and sold at Sunday’s auction for $165,000!

In Mount Vernon, N.Y., a home valued at $340,000 sold for $135,000.

In Newburgh, a home valued at $125,000 sold for $60,000.

In January, New York City foreclosures soared 64 percent from December.  February foreclosure numbers are expected later this week.

(Source: NBC New York)




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