New 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)