About 3,000 people from across the tri-state area came to the Jacob Javits center looking for a bargain, with more than 350 foreclosed homes on the auction block.
The sale was a grim reminder of a once booming housing market gone bust.
Bidders were allowed to pre-register and some had already gone to open houses of the listed properties to know exactly what they were getting.
Gary Demaris, of Montgomery, N.Y., wasn't shy about looking for a home to flip "its time to take advantage of the deals." Others were looking for investment properties or homes to live in.
Do they feel guilty profiting from others misfortune? "Its much better to have a home restored to livable condition than sit crumbling on your block." Tia Henry of Brooklyn said.
Bidders only need a $5,000 cashiers check to bid and if they win there are lenders on hand to pre-approve them for a loan.
USHomeAuction.com says the homes are discounted by a minimum of 70 percent from their previous valued price.
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For example, a 2,500 square foot house in Jamaica, Queens valued at $555,000 has a starting bid of $69,000 and sold at Sunday’s auction for $165,000!!!!
In Mount Vernon, N.Y., a home valued at $340,000 sold for $135,000.
In Newburgh, a home valued at $125,000 sold for $60,000.
"They're not the nicest properties, but people can get a great bargain, especially if you're handy," said Rick Weinberg of USHomeAuction.com.
In January, New York City foreclosures soared 64 percent from December. February foreclosure numbers are expected later this week.
