It is a sign of the growing impact of the financial crisis in the US: hundreds of homes have gone under the hammer at what is being described as one of New York’s biggest ever sales of foreclosed properties.
Bids are said to have started at just a thousand dollars and many homes were snapped up for half of what they are worth. The auction was picketed by protesters, many of whom have recently lost their homes. One protestor said: “We think the auction adds insult to injury to the people who have been thrown out of their homes and all the millions of people who have either been evicted or who face foreclosure.” Another said: “It’s kind of scary that the values have gone down so much but it doesn’t help any of us, the people who are actually … the people who are harmed or need to be helped aren’t getting helped by this declining value. It just means some investor can profit off it.” The auction organisers say it is rare to see so many properties go to foreclosure or be sold in NewYork, with other parts of the US hit a lot harder.