Foreclosure Auction of Nearly 600 Phoenix Homes
Hudson & Marshall will auction nearly 600 Phoenix area bank-owned homes January 20th-22nd, 24th and 25th. Valued from $21,000 to nearly $600,000, all homes come with title insurance paid for by the sellers.
“Over the past year, we’ve seen more owner-occupant buyers taking advantage of the country’s declining home prices by attending our auctions,” said Dave Webb, principal of Hudson & Marshall. “Buyers know their money typically can buy them more home for less at auction because the banks are highly motivated to find new owners for these foreclosures,” added Webb.
Overbuilding and the high default rate on subprime adjustable rate mortgages toppled Arizona’s housing market. Phoenix is the nation’s weakest housing. According to S&P/Case Shiller Home Price Indices, in 2008 Phoenix reported an annual home price decline of 32.7%. Arizona also was one of nine states reporting foreclosure starts above the national average for the third quarter of 2008, according to the Mortgage Bankers Association.
Bidders at the Phoenix auction will be required to make a $5,000 deposit in the form of cash, cashier’s check or certified funds for each property which they are the winning bid. Properties are sold “as-is” and buyers should inspect homes prior to auction. Property may be viewed during the open house on January 17th and 18th from 1:00 pm-3:00 pm or by contacting listing agents for an appointment. Property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.
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