Comments on: Picture This http://susiemadrak.com/2007/10/29/11/55/picture-this-3/ Keeping a jaundiced eye on the corporate media. Sun, 07 Sep 2008 17:25:13 +0000 http://wordpress.org/?v=2.6 By: Izquierdo http://susiemadrak.com/2007/10/29/11/55/picture-this-3/#comment-131254 Izquierdo Tue, 30 Oct 2007 22:19:07 +0000 http://susiemadrak.com/2007/10/29/11/55/picture-this-3/#comment-131254 I've just observed three sessions of foreclosure auctions (aka trustee sales) at the San Jose courthouse this week. Only one of them generated any bidding, and the bank actually "won" that auction and took the property back. The final bid was less that 2/3 of the amount owing. Altogether, about 30 auctions were cancelled or postponed, and about 15 others produced no sales other than reverting back to the lenders. IOW, "investors" didn't feel that any properties were worth what was owed on them. Thank you, Alan Greenspan. I’ve just observed three sessions of foreclosure auctions
(aka trustee sales) at the San Jose courthouse this week.

Only one of them generated any bidding, and the bank
actually “won” that auction and took the property back.
The final bid was less that 2/3 of the amount owing.

Altogether, about 30 auctions were cancelled or
postponed, and about 15 others produced no sales other
than reverting back to the lenders.

IOW, “investors” didn’t feel that any properties were
worth what was owed on them.

Thank you, Alan Greenspan.

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