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Reprinted from www.abc15.com

The slumping housing market is forcing nearly 600 foreclosed Valley homes to be put up for auction in late January.

The homes, valued from $21,000 to almost $600,000, will be sold between Jan. 20 and Jan. 25 by the Texas company.

In addition, Irvine, Calif.-based Real Estate Disposition Corp. looks to auction off more than 900 foreclosed homes in Phoenix, Tucson and other areas of Arizona between Jan. 24 and Jan 31.

While it is unclear how many housing auctions take place each month, there was a definite increase in housing auctions in mid-2008, said Jay Butler, Director of Realty Studies at ASU Polytechnic.

“You won’t see auctions much in a healthy market. You don’t need it,“ Butler said. “The traditional way of selling the home isn’t working, so you go to Plan B, which is an auction.”

In 2008, Phoenix home prices had an annual decline of 32.7 percent, according to S&P/Case Shiller Home Price Indices.

For those attending foreclosure auctions, Butler said he recommends checking on the physical condition of the home and the type of neighborhood it’s in, and not making bids above a set price.

Zeitzer said that in her more than 20 years of real estate experience, she has never seen a market more favorable to home buyers. “This is probably the best time to buy that I’ve ever seen in our market,“ she said.

For more on the January foreclosure auctions: hudsonandmarshall.com and ushomeauction.com.

Want help with foreclosures and auction homes?  Contact us at 602-955-9999.