Huge discounts on houses were up for grabs over the weekend at a US foreclosed homes auction featuring more than 300 lots. KWGN reports thousands of people attended the Colorado event, held in Denver and organised by Real Estate Disposition Corporation (REDC).
Starting bids were reportedly as low as $1,000 (£511) on houses valued at more than $100,000 (£51,140), allowing some first-time buyers to pick up a property investment bargain. Quoted by KWGN, REDC Vice President Mary Quella said:
“It’s no secret that foreclosures have increased year over year, it is definitely a problem and there is a lot of inventory out there.”
Last Thursday the Colorado Division of Housing said new foreclosure filings in Colorado were 23 per cent higher during the first quarter of 2008 than during the same period last year. The division said:
“Statewide, there was one foreclosure filing for every 159 households, with the highest foreclosure rates found in the Denver metro area and in Weld County.”
Officials added foreclosure sales rates were actually falling because of a recent change to the foreclosure process which took effect on January 1. The change meant no foreclosure filed after January 1 could proceed to sale before April 30, creating a dip in sales during March and April.
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