"Folks, take advantage of the market today," a fast-talking auctioneer exhorted a packed room of real-estate bargain hunters on Sunday. "I have (a bid for) $300,000 now on this condo; do I hear $310? I'll take $305 if that'll help you. Who else wants in? Raise those bidder cards."The bottom probably isn't in until few show up to an auction.
The bidding got fast and furious, and the three-bedroom condo in South San Francisco sold for $425,000.
It was among 88 foreclosed properties, mostly in Alameda, Contra Costa and Solano counties, auctioned at the San Mateo County Event Center.
The auction was visible proof that the slumping housing market and subprime loan fiasco have had an impact on the Bay Area. It was the first large-scale foreclosure auction in the region in a decade.
Monday, June 25, 2007
Huge auction shows boom in housing going, going, gone
The San Francisco Chronicle reports:
