Foreclosure Auction In Inland Empire Includes Furniture And Tools
September 16th, 2008
Desperate times call for desperate measures. In auctions held in Inland Empire apart from houses the items include furniture, tools, appliances and other miscellaneous items. This is the picture in San Bernardino. For some it brings tears but for others it is an opportunity.
An auction house is replete with household stuff like furniture, tools, appliances and even jewellery. Most of these have come from the houses that had been foreclosed upon. Foreclosures and auctions are rising because of a fall in the purchasing power of the ordinary American.
Thanks to foreclosures auctions have shot up all through southern California commented Rich Wasser of Southern California Auctioneers Association of Rolling Hills Estate. Wasser said that since the last six months auctions have increased in numbers. He said, “We’re seeing more of them as the economy keeps slipping.” More houses are being sold at auctions. In his experience as a realtor he has never seen the likes of this dive in the real estate market.
The increase in auction has had a good effect. It has helped the auction industry to increase its business. But lack of purchasing power of the general people is pinching where it hurts.
Nearly twelve months ago auctions began to be held weekly instead of bi-monthly and household items came to be included on the list. The auctioneer takes a percentage of the sale. The rate is not fixed. There being no average, the profits depends on the volume of sale. Items ranging from $10,000 to $5 have been sold. The auctions usually last for four hours and about one hundred attend. Like the real estate the auction too is a buyer’s market. One auctioneer commented that although there are a lot of goods there are not enough people to buy it. More auctions are being held because of the increased number of items to be sold but not enough money is being generated.
The current foreclosure crisis alone cannot be blamed for the situation in the Inland Empire. It is mainly the slump in the general economy that is to be blamed. Most of the items are coming from the storage units where foreclosed victims keep their surplus goods.
Another auctioneer, Ron Curran puts the blame of the dull auctioning in the Inland Empire to the tendency in young people not to buy old things. Foreclosures are not the only reason behind dull business.
- Foreclosed Properties are now Being Handed Over to Habitat
- The Foreclosure Crisis has Pushed Many to Find Other Sources of Lendin
- It Seems that if the Senior Citizens are the Only Ones Who can Tackle this Foreclosure Crisis
- Foreclosures High; Columbus to Receive $23.2 million as Aid
- The Foreclosure Crisis has Added to the List of Minorities – the Brokers of Wall Street
- Foreclosure Alarm Bells are Ringing for the Deaf
Related Posts
Posted in
Foreclosure |
9 Comments »
Comments
9 Responses to “Foreclosure Auction In Inland Empire Includes Furniture And Tools”
Leave a Reply
Search
September 30th, 2008 at 8:01 am
[...] foreclosure filings had been noted. These included all the stages of foreclosure – default and auction notices to court auctions as well as bank repossessions. 1.2 million properties have been affected. [...]
October 17th, 2008 at 8:50 am
[...] borrower to repay the amount back to the authorities after which the property is put on sale in an auction. The various Miami-Dade House Foreclosures could be Bank Foreclosures, Repo Sale by FHA and Tax [...]
November 12th, 2008 at 8:15 am
[...] quarter while house prices fell further. In all 765,558 units were under default notice due for foreclosure auction. This is the highest since records have been maintained from January 2005 by RealtyTrac. [...]
November 26th, 2008 at 11:17 am
[...] as they can and then apprise potential buyers about the “hot picks.” They will also attend the foreclosure auctions held at Seattle and Bellevue to purchase the units on behalf of the buyers and also sometimes for [...]
December 29th, 2008 at 8:20 am
[...] majority of investors are turning away from foreclosure auctions. During ordinary times investing in foreclosure is risky. Today it is ten times more hazardous to [...]
June 1st, 2009 at 9:35 am
[...] that have been taken over or repossessed by the banks after having failed to sell them in the auction that closes the foreclosure process. Foreclosures and repossessions have always been part of the [...]
July 2nd, 2009 at 3:30 pm
[...] the point everyday about the importance of this type of literacy against a background of increasing foreclosures and foreclosure [...]
September 11th, 2009 at 2:04 pm
[...] Foreclosure is a complex problem to deal with and inevitably you will be left with questions. One of the most common involves the resolution of the mortgage after the foreclosure sale is complete. The purpose of the foreclosure process is to allow the bank to take possession of the home in order to sell it to satisfy the outstanding mortgage. If the home sale does not cover the full cost of the mortgage then the bank has the option to sue the borrower for the remaining balance. [...]
December 3rd, 2009 at 11:35 am
[...] foreclosure climate has removed social stigma from those availing of and surviving on food stamps. A record [...]