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Foreclosure auction in Manhattan

June 7, 2009 3:53:15 PM PDT
In Midtown today, homes for sale. 129 homes were available during a foreclosure auction at the Grand Hyatt.

Bidders weren't the only people on hand, protestors were there as well.

It is a dizzying experience, a bitter sweet snapshot of the state of foreclosures in our area.

At the Hyatt today eager bidders, waited for the perfect moment to buy a home.

Jim Corum, REDC, Pres., says "It's important we keep the economy stimulated, that markets corrects itself for where it was at".

REDC threw the event where Edward Downes purchased a three bedroom home, he plans to rent to a mother of five who had nowhere else to go.

"The house is vacant, the one that I bought no one is in it so someone's got to buy it, fix it up and out someone else in it," says Downes.

A concept that doesn't sit well with some folks, they're calling for a moratorium on all foreclosures and evictions.

"The banks have all of the money, we see that, they're being bailed out with hundreds of millions of dollars, question isn't the money there, question is where should the money really go," says Tony Murphy.

He says to people like Anna Cervantes, she lost her home to foreclosure after her interest rate nearly doubled.

"It was very and scary because I had my home for 21 years," she said.

But some warn, buyer beware, do your homework before attending a foreclosure auction.

Web Produced By; Scott Curkin


NEW YORK AND TRI-STATE AREA NEWS

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