Banks all around California have been auctioning off bank foreclosed houses, including Citibank properties for sale, in the past few weeks. The auctions are not being held in courthouse steps which is the traditional venue for such events, but in hotel ballrooms and convention centers.
Hundreds of Sacramento foreclosed homes and distressed properties in various areas of the state have been offered at auction events despite the temporary suspension on foreclosed property sales imposed by several lenders. The suspension though, has no bearing on these distressed homes since they have been foreclosed on before the freeze was implemented.
Although supplies of California bank foreclosures have declined by around 20% following lenders' decision to halt sales of distressed houses, there are still a lot of these properties available for those who are seeking bargain real properties. Real Estate Disposition's Auction.com has reportedly auctioned off 100 dwellings, residential lots and condominiums in Riverside County during the weekend.
Prior to the Riverside auction, the company has also sold off 118 pieces of real estate worth $15 million at the Los Angeles International Airport. Hundreds of bidders attended these auctions in the hope of acquiring bargain-priced bank foreclosures, including Citibank properties for sale.
According to local housing analysts, sales of bank foreclosure homes around the state in the past few weeks showed that the moratorium has not made much of an impact on the foreclosure selling market. They added that there are a lot of properties still under banks' books and buyers are still trekking to auctions by the thousands.
The practice of holding auctions in convention facilities and hotels has become popular among banks, particularly those that operate in California. In most of these auctions, bidding ends when it reaches $100,000. However, there are also properties that reached beyond the $200,000 bid mark, although this type is not as many as the $100,000-worth properties.
Real estate market observers in the state have reported that the temporary suspension on the sale of foreclosed properties has not affected the California housing market that much. They stated that the supply of bank foreclosures, including Citibank properties for sale which had been processed prior to the moratorium, is still large enough to provide interested bidders with a vast number of choices.