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Coming Twin Cities mass foreclosure auction another troubling sign of the times: Upcoming Twin Cities mass foreclosure auction another troubling sign of the times.
- Article from:
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Saint Paul Pioneer Press (St. Paul, MN)
- Article date:
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October 10, 2007
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Copyright informationCOPYRIGHT 2007 Saint Paul Pioneer Press. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jennifer Bjorhus
Oct. 10--The hilltop trophy house in Stillwater, built in 2003, was once valued at $1.4 million. But $729,000 will start the bidding on it at a mass foreclosure auction this month.
The house is among 325 bank-repossessed homes from across the Twin Cities headed to the auction block Oct. 20-21 at the Minneapolis Convention Center in one of the largest foreclosure auctions in many years, observers say.
Such auctions, where 100, 300, even 700 homes go up for bidding, are cropping up again in cities such as Detroit, Dallas, Miami and Sacramento, Calif., as lenders find themselves landlords in the worst housing slump in at least 16 years. The ...