Homes Hit Stockton Auction Block - News10.net
STOCKTON, CA - Even with the number of foreclosures climbing in virtually every community, Stockton has been particularly hard-hit by the nation's real estate nosedive.
Now, some of those empty homes are in the hands of new owners.
Several hundred valley area homes were auctioned off Sunday at the Stockton Civic Center, part of a six-day home auction tour of northern California properties hosted by USHomeAuction.com.
With homes of all shapes, sizes and conditions hitting the block, buyers Sunday scooped up foreclosed homes at a rapid pace, many selling for 30 to 60 percent below market value.
Many $200,000 to $300,000 homes were sold for less than 50 percent of their assessed value, while some lower-end fixer-uppers changed hands for under $50,000.
"With the economy the way it is right now, foreclosures have definately been picking up. This is basically an opportunity for individuals who didn't have the opportunity to purchase properties before to now come in," said USHomeAuction.com manager Jose Robles.