{"id":570,"date":"2009-03-10T16:11:00","date_gmt":"2009-03-10T21:11:00","guid":{"rendered":"https:\/\/www.realty.com\/blog\/uncategorized\/its-a-buyers-market"},"modified":"2009-03-10T16:11:00","modified_gmt":"2009-03-10T21:11:00","slug":"its-a-buyers-market","status":"publish","type":"post","link":"https:\/\/www.realty.com\/blog\/housing-news\/its-a-buyers-market\/","title":{"rendered":"It&#039;s a Buyers&#039; Market!"},"content":{"rendered":"<p><em>Take a peek at the recent New York foreclosure auction.<\/em><\/p>\n<p>This week, there&#8217;s plenty of commotion in the New York area but no, it isn&#8217;t because of fashion week or the Westminster dog show. The auction company <a href=\"http:\/\/www.ushomeauction.com\/press-release.php\">Real Estate Disposition Corporation<\/a> managed to gather hundreds of bidders to avail of bargain homes that have been foreclosed. But it seems there&#8217;s another outrage outside the auction house.<\/p>\n<p><iframe loading=\"lazy\" title=\"NYC Foreclosure Auction Yields Deals, Protest\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/YkUiaewYj8k?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>The company has been obviously taking advantage of the crisis. In their press releases, we&#8217;ve found out that in October last year, they&#8217;ve sold 1,214 foreclosed homes in Florida and Northern California with a combined value of $165 million. In the following months, this was followed by successful sales in Chicago and Las Vegas worth $57 million for 600 homes, in Kansas City with 95 houses and Denver with more than 80 properties. Bidders are requested to register online first, pay a visit to their desired properties from the company&#8217;s online listing, issue a $5,000 check as an earnest money deposit (usually done to make sure that they are serious bidders), and bid on the property that they choose once the auction begins.<\/p>\n<p>On the other hand, there&#8217;s nothing enormous that the BailOut the People movement can do to halt foreclosures other than hold protests as seen on the video. In fact, there&#8217;s another demonstration slated on April 3 and 4 in Wall Street. In our opinion, they hold a strong point against bailed out banks that do not take measures of holding on houses on the brink of foreclosure. In their <a href=\"http:\/\/www.bailoutpeople.org\/pdfs\/workingpaper.pdf\">working paper<\/a>, the organization states, &#8220;Considering the unprecedented intervention that the government has made to rescue the financial system that created the housing crisis, it is incomprehensible that a simple moratorium on foreclosures and evictions has yet to be enacted. All of these measures have two things in common; one, they all involve persuading bankers to find some ways to slow down the evictions instead of forcing them to stop evictions and two, none of these measures has put a dent in the head-spinning rate of foreclosures. The Moratorium Now! Campaign is fighting to force the government at every level to declare a moratorium on foreclosures and evictions.&#8221;<\/p>\n<p>But who&#8217;s listening? We highly doubt it would be Tim Geithner. There&#8217;s more bank bail out needed if you ask him. But we&#8217;re still waiting for the details though.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Take a peek at the recent New York foreclosure auction. This week, there&#8217;s plenty of commotion in the New York area but no, it isn&#8217;t because of fashion week or the Westminster dog show. The auction company Real Estate Disposition Corporation managed to gather hundreds of bidders to avail of bargain homes that have been &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-570","post","type-post","status-publish","format-standard","hentry","category-housing-news"],"_links":{"self":[{"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/posts\/570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/comments?post=570"}],"version-history":[{"count":0,"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/posts\/570\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/media?parent=570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/categories?post=570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.realty.com\/blog\/wp-json\/wp\/v2\/tags?post=570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}