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Ever wonder what a foreclosure auction looks like, y’know the ones held on the proverbial courthouse steps? I do, and this raw footage from a San Diego courthouse auction shows you. It appears only a handful of real-estate investors bothered to show up, and as you’ll see, there’s a dearth of bids.
They, like everyone else, believe that prices will be cheaper down the road. Which means they likely will.
I also found this home-made video of a homeowner (in New England, I’m guessing) you is desperate to keep his home from being auctioned off. It’s a poignant few minutes of film.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.