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Housing Market Tracker - Homebuilders Criticized for Benefitting From Foreclosure Bill

On Saturday I attended a foreclosure home auction run by the Real Estate Disposition Corp. (REDC). I stayed long enough to observe the disposition of 49 of the more than 100 properties auctioned off. The average sales price was $129,000. The average "previously valued to" number was $234,000. This was a 45% haircut.

I didn't inspect any of the properties, but afterwards drove by several higher priced condos in Clearwater Beach that had been auctioned off. They were very nicely situated with water views and the building was only 2 years old. If you drive up and down Gulf Blvd. you'll find numerous condos still being constructed.

It looks like we've only seen the beginnings of the price declines yet to come.

Housing Market Tracker - Homebuilders Criticized for Benefitting From Foreclosure Bill

On Saturday I attended a foreclosure home auction run by the Real Estate Disposition Corp. (REDC). I stayed long enough to observe the disposition of 49 of the more than 100 properties auctioned off. The average sales price was $129,000. The average "previously valued to" number was $234,000. This was a 45% haircut.

I didn't inspect any of the properties, but afterwards drove by several higher priced condos in Clearwater Beach that had been auctioned off. They were very nicely situated with water views and the building was only 2 years old. If you drive up and down Gulf Blvd. you'll find numerous condos still being constructed.

It looks like we've only seen the beginnings of the price declines yet to come.