Massive Detroit foreclosure auction: Nearly 700 homes will be sold during a three-day auction

CNN reports:

Nearly 700 homes in the Detroit area will be auctioned on Sept. 21 through Sept. 23, one of the biggest home auctions ever.

Rising default rates in the economically hard-hit, auto-industry town have riddled the Detroit housing market. There's an abundance of bank-owned properties available for sale.


"Because many of these properties have been on the market for a year or more, banks are very anxious to find buyers . . . it's not unusual for the properties to sell at auction below their price list," said Dave Webb, one of the owners of Hudson & Marshall's home auction division, the property auction giant that is conducting the auction.

"Right now, it's a buyer's market and there are tons of inventory. I expect prices to come way down," he said.

The properties come with clear titles; there are no liens or encumbrances, such as back taxes on them. There's also a wide range of houses available with pre-auction prices running from about $5,000 to a bit more than $600,000.

I guess not everyone makes money in real estate.