A staggering 145 properties were scheduled for foreclosure auctions today on the Stanislaus County courthouse steps. Many of the auctions got postponed, but the home selling — with virtually no bidders — went on for more than two hours.
“It’s probably double the usual daily workload for us,” said David Absher, president of Dual Arch International, which does most of Stanislaus County’s foreclosure auctions. During the last six months, 60 to 80 auctions a day have been typical. “The volume is mounting.”
Absher said he can remember back in the late 1980s when it was a big day if three homes got auctioned off. The foreclosure business has boomed so much the last year that Dual Arch has doubled its staff.
Today’s auction list was so long primarily because many foreclosures were delayed during the holiday season, Absher explained. Foreclosures that otherwise would have taken place during the last two weeks got rescheduled for today.
About 10 people showed up to watch the auction in downtown Modesto, including a few who came with the funds needed to buy. But during the first 90 minutes, none of the auctioned homes attracted any bids.
That means the lenders are stuck owning the foreclosed properties. Most of those lenders, who issued mortgages primarily during 2005 and 2006, are owed more than the houses now are worth.
Another set of homes will face foreclosure Tuesday and every other weekday this month in Modesto, but the volume isn’t expected to be this high.