There has been major auction action this week, as bidders eager to profit from a large inventory of foreclosed homes converged on two large home auctions in New York and Massachusetts.
On Sunday, some 3,000 people came to the Jacob Javits Center to bid on about 350 foreclosed homes being auctioned off by USHomeAuction.com. The homes were discounted by at least 70 percent from their original prices, with one Mount Vernon, N.Y., home valued at $340,000 selling for $135,000 and one Newburgh, N.Y., home valued at $125,000 going for $60,000, says NBCNewYork.com …Full Story