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Dozens Of Homes Auctioned Off In Miami

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Jul 11, 2009 6:47 pm US/Eastern

Dozens Of Homes Auctioned Off In Miami

MIAMI (CBS4) ― Hundreds of recently repossessed Miami area homes were auctioned off on Saturday at 9:30 a.m. at Miami's James L. Knight Convention Center. The auction was put together by Auction.com, which has auctioned more than 18,000 foreclosed homes nationally and about 700 of those in the South Florida area.

"We haven't seen the end of this foreclosure crisis, not by a long shot," Auction.com CEO Jeff Frieden said in a statement. "But this doesn't mean the economy and the housing market won't continue to stabilize. It will. That's because as this new mass of foreclosures hits the market, Auction.com will help put people back into these homes, further fueling the economy."

Some of the homes were priced as low as $39 thousand with prices increasing depending on the size and location of the house. The company was expecting to sell houses at 50 or 60 percent off their previous value.

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