30 Homes Sell At Oregon Property Auction

By Kristian Foden-Vencil | May 10, 2010 1:25 p.m. | Updated: June 16, 2010 11:56 p.m. | Portland, OR

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About 30 homes across Oregon sold for between 40 and 70 percent of their previous value. Those values were established when the properties were last sold or when the previous owner refinanced. For example, a home in Bend that had a previous value of $1.4 million, sold for about $625,000 -- or 66 percent off. Rick Weinberg of auctioneers, REDC, says it's tough for the owners, but it's good for the economy. Rick Weinberg: "When you have a property that's foreclosed upon, there's nobody paying the mortgage. There's nobody paying the property tax. They're not hiring anybody such as electricians and plumbers. And they're not shopping for any furniture or anything else, even groceries. So that really hurts the economy, locally and nationally."Experts expect about 5 million foreclosed properties will be sold in the U.S. this year. Buying a home at auction can be problematic -- many properties suffer from deferred maintenance, interior damage or liens.

© 2010 OPB

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