Dozens of Homes Auctioned off to Highest Bidder
FRESNO, Calif. (KFSN) -- Dozens of foreclosed homes sold quickly at an auction in East Central Fresno Monday night. The low prices of the winning bids reveal the Valley's housing market faces a long road to recovery.
The bidding frenzy lasted just over an hour as 33 properties were offered up to the highest bidder. Most in the Holiday Inn meeting room were investors. "I go to daily auctions on the steps of the County. I go to those four, maybe five times a week. With the auctions like this, we just got started because the County started to get real competitive," said Ed Lopez of Hanford.
The number of foreclosures in the Valley is one of the reasons home prices are so low. Fresno realtor Don Scordino said more than five thousand foreclosures were sold last year in Fresno County, contributing to a record year for home sales. "People are excited about real estate again because the prices are so low. If gasoline went down to a $1.50, maybe I'd want to fill my tank up once a day," said Scordino.
The high bid on a home in Northwest Fresno that last sold for $382,000 in 2007 was $170,000. Another in Northeast Fresno last sold for $286,000 and had a high bid of $82, 500. Most of the sales are still subject to bank approval.
housing, fresno county, local, amanda perez
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