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Sacramento foreclosure auction nets $4.6M Sunday | Business

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Sacramento foreclosure auction nets $4.6M Sunday
Sacramento foreclosure auction nets $4.6M Sunday

SACRAMENTO - Sacramento area homebuyers Sunday spent $4.6 million on new local area foreclosures as Auction.com auctioned 81 new bank-owned properties at the Radisson Hotel. Fifty-four of the foreclosures were sold.

The auction was the finale of a two-day Northern California auction series that started Saturday in Oakland. In all, $13.7 million was spent on new Northern California foreclosures and 82 percent of the bank-owned properties that were offered by Auction.com were sold (126 of 153).

Deals of the day Sunday:

3232 Mayfair Dr Sacramento, CA 95864 sold for $70,875 - 69 percent less than its previous value of $230,710.

4017 33rd St Sacramento, CA 95820 sold for $46,000 - 82 percent less than its previous value of $236,000.

Demand for Sacramento area and Northern California foreclosures is soaring: this was Auction.com’s second auction series in the Sacramento area in five weeks and its sixth of 2011. Overall this year, Sacramento area and Northern California homebuyers have spent $73 million on foreclosures through Auction.com.

"Although home sale rates are low, foreclosure auctions provide cost-effective opportunities to get people back on their feet and stimulate the California economy," Auction.com CEO Jeff Frieden said. "The Northern California auctions provided homebuyers with a great opportunity to buy an affordable dream home and many people took advantage of it."