This is what a foreclosure auction looks like

Posted by: Dean Foust on August 7, 2008

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.

Reader Comments

David in TX

August 8, 2008 6:39 AM

Regarding the New England homeowner facing foreclosure, I don't deny he is feeling some pain right now. However, his indignation and obvious humiliation over facing foreclosure seems misplaced to me. He (and/or his wife) took on debt to live in that house, and now they can't pay it back...nothing more complicated than that. No one forced him to take on the debt - they CHOSE to. And now they can't honor their commitment to pay it back...so now we're all supposed to just feel sorry for them and let them live in the house for free?!? Give me a break - someone needs to tell him to just go rent a house or even a basic apartment. They're not going to be homeless, unless they CHOOSE to be.

foreclosurefish

August 8, 2008 10:41 AM

That was a good second video. Too bad there's not more community involvement in defending against these foreclosures due to fraudulent inducement of debt.

Neighbors who aren't facing foreclosure (yet) are still caught in the credit trap, and too busy to help others stand up against the banks. And foreclosure victims are too spread out over the country to make local stands.

But it's only by having large numbers of neighbors and community participants that the people can tell the banks and their government enforcers to leave them alone. A lot of this bad mortgage debt was fraudulent from beginning to end, and is written on void contracts because of the deception.

GF

August 16, 2008 9:03 AM

I am incredulous that there are so many simple minded people in the world that believe the garbage the guy in the 2nd video is spouting. The bank didn't want his house, they want him to live up to HIS end of the deal and make the payments. Regardless of what the mainstream media would have you believe, the vast majority of loans were not deceptive. Most foreclosures occur because of a lack of financial responsibility on the part of the borrower, not due to deceptive loan practices. It's a lot easier to play victim than to admit to your own shortcomings.

The auctioneer is at least trying to make a living, instead of sitting at home with a video camera griping about how the system is taking homes from hardworking families.

nina

October 17, 2008 12:12 AM

that's ashame, i'm going through the same thing. as much as i would like to save my house, we got in over our heads. we didn't prepare for my husband to be injured and miss 2 months of work. we just didn't save for that. when you sign a contract and don't follow through with payment, this is what happens. i don't blame anyone or any bank. we knew that we should have some savings, just in case, we chose not to because we thought we would be okay.

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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.

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