Over 200 Foreclosed Phoenix Homes Totaling $54 Million Head to Auction Block
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Over 200 Foreclosed Phoenix Homes Totaling $54 Million Head to Auction Block

Homes Will Be Auctioned December 8th and 9th by Hudson & Marshall

PHOENIX, Dec. 3 /PRNewswire-USNewswire/ — Foreclosures continue to swell in Arizona, flooding the market with excess inventory, earning the state an unwanted spot in the nation’s top ten list for foreclosures. According to Realtytrac(R), Arizona ranked eighth in the nation among states with the highest foreclosure filings, reporting 6,339 filings in October 2007.

In this rough and tumble real estate market, where prices are falling, more choosey buyers are attending foreclosed real estate auctions to catch deals on homes. Hudson & Marshall, the country’s largest foreclosed property auction firm, will auction over 200 area Phoenix area foreclosed homes on December 8th and 9th at 1:00pm at the Mesa Convention Center Building A.

“The housing market has definitely cooled and turned in the buyer’s favor, resulting in more owner occupant buyers to explore alternative methods of purchasing discounted property, such as foreclosed property auctions,” said Dave Webb, principal, Hudson & Marshall. Auctions offer homebuyers a level playing field where they set the price for a home in a competitive bidding environment,” added Webb.

Valued from $100,000 to nearly $600,000, the properties are owned by national lenders and asset management companies and come with a clean, insurable title paid for by the sellers. These are Real Estate Owned (REO) or foreclosed properties, meaning they have been repossessed by the lenders and are vacant.

Defaults on subprime adjustable rate mortgages (ARMs) are fueling the surge in foreclosures nationwide. Many economists estimate that more than two million ARMs will reset to higher rates over the next two years, swelling foreclosure numbers even higher. Subprime ARMs were made to credit blemished borrowers and came with low teaser rates that reset to higher rates after two or three years, making the loan unaffordable for many borrowers.

Hudson & Marshall’s auctions are open to the public and buyers wishing to place bids on the Phoenix area homes may register the day of the auction. Winning bidders must make a cash or check down payment of $2500 or 5% of the total selling price, whichever is greater. All homes are sold “as is” and interested buyers should inspect properties prior to placing bids. Buyers can make an appointment with listing agents to preview all properties.

Prior to the auction, buyers also can purchase property online by visiting http://www.hudsonandmarshall.com and clicking on the Bid Now icon. Sellers usually respond within 24 hours. This is a reserve auction, which means sellers have the right to accept or reject any offer. In past auctions, conducted by Hudson & Marshall, over 90% of offers have been accepted. Having sold over 50,000 homes for sellers in the past eight years, Hudson & Marshall is the undisputed leader in the REO auction industry.

About Hudson & Marshall of Texas Inc.

H&M is America's Premier Auction Authority. Our 38-year history combined with our continued process enhancements have allowed us to become one of the largest and most respected real estate auction firms in the United States. H&M has set the standard as a full service auction company and continues to consistently raise the bar for our industry. Our number one priority is to provide top-quality service to our customers. Buyers know they can count on H&M to provide value and service from the initial property offering through the closing process. This same approach provides sellers with a one stop single solution to the disposition of real estate assets. Sellers particularly appreciate H&M's streamlined approach that handles their assets from marketing through closing and funding. The H&M process allows the seller to minimize expenses and maximize return. H&M has assisted clients ranging from individuals to large, medium, and small corporations, government agencies, and financial institutions. Recently, H&M has sold and closed over 40,000 homes throughout the country. See more about H&M at http://www.hudsonandmarshall.com.

CONTACT: Crystal Wright, +1-202-829-0848, for Hudson & Marshall of Texas Inc.

SOURCE Hudson & Marshall of Texas Inc.

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