In news from Phoenix’s beleaguered real estate market some 400 foreclosures will go on the auction block February 12th and 13th. According to the S&P/Case Shiller Home Price Indices, Phoenix home prices have been chopped down by more than half, 53.9 percent since 2006’s peak, in fact. This auction will take place both days at 1:00 p.m. at the Pointe Hilton Squaw Peak Resort.
Hudson & Marshall will conduct the “as is” auction of these home inventories according to their press release. David Webb, principal of the company, had this to say about the event:
“The surge in foreclosure inventory in states like Arizona has driven up consumer interest in attending our auctions. We’re seeing larger crowds of buyers at our auctions looking for bank-owned homes because they feel the homes are a great value for the money whether they need improvements or are in move-in ready condition.”
Meanwhile the NACA “Save the Dream Tour” launched launched a earlier this month at the Phoenix Convention Center. The non-profit organization promised homeowners same day mortgage payment cuts via their free workshop. In that news bit, Chase Bank also offered homeownership assistance in an event of their own. Beside these “stop gap” measures being offered from various entities, Phoenix homeowners are being advised on such options as the short sale and other types of loan modifications.
Also according to the release, Hudson & Marshall expects to sell off an additional 15,000 homes this year. Phoenix ranks fourth on most lists depicting the worst hit markets in the United States as well as where property prices have fallen.
Complete property details and additional information on this massive foreclosure sale can be found here, or by calling 866-539-4172.