Buyers Can Bet on Finding Bargains at Auction of Over 200 Foreclosed Homes in Sin City

Owned by National Lenders and Asset Management Companies, Las Vegas

Homes will be auctioned by Hudson & Marshall December 2, 2007

    LAS VEGAS, Nov. 19 /PRNewswire-USNewswire/ -- Foreclosures are stacking
 up like decks of cards in Las Vegas, flushing the "sin city's" housing
 market with too much inventory and driving down prices. In this cooled
 market, where choosey buyers demand price reductions on homes, more house
 hunters are attending foreclosed real estate auctions to find a jackpot of
 deals. Over 200 foreclosed Las Vegas homes, owned by national lenders and
 asset management companies, will be auctioned by Hudson & Marshall on
 December 2, 2007 at 12:00 pm at the Ritz Carlton-Lake Las Vegas.
 
     In recent years, Hudson & Marshall has sold thousands of Las Vegas
 homes through its auction program. This past August, Hudson & Marshall sold
 87 of the 90 foreclosed homes it offered for auction in the Las Vegas area.
 
     Valued from $64,900 to over $677, 900, all homes are sold "as is" and
 come with a clean title paid for by the sellers, ensuring there are no back
 taxes or liens on the properties. Interested buyers should not bid on any
 property they haven't seen. Homes will be open for inspection December 1st
 from 1:00pm-3:00pm or by calling the listing agent for an appointment.
 Buyers may find property listings and auction details at
 http://www.hudsonandmarshall.com. Winning bidders will be required to make
 a check or cash down payment of $2500 or 5% of the totaling selling price,
 whichever is greater.
 
     "The once booming housing market has fallen all over the country. In
 Nevada, there was a lot of overbuilding combined with investors using risky
 subprime adjustable rate mortgages (ARMs) to purchase homes, speculating
 home prices would continue their increase along with demand," said Dave
 Webb, principal, Hudson & Marshall. "That didn't happen and now Nevada is
 overburdened with foreclosed homes. By putting owners into these empty
 houses, auctions like ours help infuse liquidity and vitality back into the
 housing market," continued Webb.
 
     According to the Mortgage Bankers Association's National Delinquency
 Survey for the second quarter of 2007, California, Florida, Nevada and
 Arizona hold more than one-third of the nation's subprime ARMs and have
 more than one-third of the nation's starts on the subprime ARMs.
 Collectively, these four states are responsible for most of the foreclosure
 increases nationwide. The survey also found these states had a "high share
 of investor loans or loans to buyers who do not plan to live in the house
 and as of June 30, 2007, investors comprised 32% of Nevada's defaulted
 loans."
 
     These subprime ARMs were made to credit blemished borrowers and came
 with initial low teaser rates that reset to higher rates after two or three
 years, making the loan unaffordable to many borrowers. Widespread default
 on subprime loans issued in 2005 and 2006 will continue to drive the rise
 in foreclosures this year and into the next. It is estimated subprime loans
 accounted for over 50% of loans entering foreclosure in the first half of
 2007.
 
     Hudson & Marshall's auctions are open to the public and buyers wishing
 to place bids at the Las Vegas auction on December 2, 2007 may register at
 the hotel the day of the auction. Winning bidders must make a cash or check
 down payment of $2500 or 5% of the total selling price, whichever is
 greater. All homes are sold "as is" and interested buyers are encouraged to
 inspect properties prior to placing bids.
 
     Prior to the auction, buyers can purchase property online by visiting
 http://www.hudsonandmarshall.com and clicking on the Bid Now icon and
 submitting a bid. Usually, sellers turn around a response within 24 hours.
 Buyers should understand this is a reserve auction, which means the sellers
 have the right to accept or reject any offer but the good news is in past
 auctions conducted by Hudson & Marshall, over 90% of the offers have been
 accepted. Having sold over 50,000 homes for sellers in the past eight
 years, Hudson & Marshall is the undisputed leader in the REO auction
 industry.
 
     About Hudson & Marshall of Texas Inc.
 
     H&M is America's Premier Auction Authority. Our 38-year history
 combined with our continued process enhancements have allowed us to become
 one of the largest and most respected real estate auction firms in the
 United States. H&M has set the standard as a full service auction company
 and continues to consistently raise the bar for our industry. Our number
 one priority is to provide top-quality service to our customers. Buyers
 know they can count on H&M to provide value and service from the initial
 property offering through the closing process. This same approach provides
 sellers with a one stop single solution to the disposition of real estate
 assets. Sellers particularly appreciate H&M's streamlined approach that
 handles their assets from marketing through closing and funding. The H&M
 process allows the seller to minimize expenses and maximize return. H&M has
 assisted clients ranging from individuals to large, medium, and small
 corporations, government agencies, and financial institutions. Recently,
 H&M has sold and closed over 40,000 homes throughout the country. See more
 about H&M at http://www.hudsonandmarshall.com.
 
 
 
 

SOURCE Hudson & Marshall of Texas Inc.