Oct 22, 2007 12:02 am US/Eastern
Hundreds Of Foreclosed Homes Sold In Minneapolis
MINNEAPOLIS, Minn. (CBS) ―
Going once ... going twice ... sold!
That's the phrase heard over and over this weekend during an auction of hundreds of foreclosed homes. Sunday was the final day of the sale at the Minneapolis Convention Center - one of the largest of its kind.
The slumping housing market and sub-prime mortgage crisis has led to many more homes being available due to foreclosure.
"This has been the most unbelievable thing I have been to in my life," said Wendy Norman of St. Paul, Minn.
"So the auction, this is some good opportunities - there's been some pretty good buys," said David Epstein, investor.
Epstein has been buying and selling foreclosed homes for about seven years. He attended the event with plans to buy several homes.
"One house went for $22,500 ... I was tempted to just throw in a bid. You can't lose at those numbers," said Epstein.
While there were professional investors in attendance, there were also folks just looking to buy a new home for themselves. Jerry Norman of St. Paul picked out a Colonial valued at about $400,000. The bidding was slated to start at half price.
"It's almost 4,000 square feet finished and it's on 5 acres of land ... in a beautiful subdivision," said Norman.
While he waits for his dream house to go on the block, the biggest ticket item of the day is sold - a five-bedroom Stillwater mansion.
The auctioneer announced the price at $1.275 million. It went for $100,000 less than it's previously listed value of nearly $1.4 million.
Most sales were much more modest in the $150,000 range or so. The majority of homes on the auction block were located in Minneapolis.
You could buy a house for about the price you'd pay for a used car. For instance, one house went for just $7,500.
That's because the St. Paul house sold for its land value. It might have to be knocked down.
Later in the day, Norman watches his dream Colonial slip out of his price range.
"Whoever bought it got a good deal," he said.
About 30 homes sold nearly every hour and a total of more than 300 were auctioned off.
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