Home auctions can help push housing values back up

Reported by Jonathan Walsh email
Posted by Kate Oatis email

PERRYSBURG (WTOL) - Foreclosure is a tough reality of the tough economy the country is experiencing right now. But the silver lining is that auctions just might be able to turn up your property value.

An auction in Perrysburg Tuesday night attracted folks who believe it's better to buy up foreclosed properties than to let them sit.

Bill Kline from Willard was on hand. He says it's tough to see people get pushed out of their homes but that if it's going to happen, it's better to buy up the properties, thereby increasing overall property values.

"It'll help bring back the community in some ways," he said.

Patrick Leahy agrees.

"We are here to support the market and its response. It's rebounding and we're in a trickle up economy now," said Leahy, auction participant. "It kind of creates the bottom that we're all looking for. And we have great values in this market."

Texas-based Hudson & Marshall will auction off 450 Ohio homes in about a week's time. Reps say the auctions open up opportunities for buyers and cities.

"We've been getting approvals left and right over the past couple of days. The lending institutions want to move these properties back into the hands of the community," said Bret Richards, sales manager for Hudson & Marshall.

Kline snatched up a home for $9,000. He says he'll rent his properties at a low rate knowing how much people need affordable housing right now. It's a formula he's hoping will be music to everyone's ears.

"We all have to pitch in and do our part to get things turned back around," Kline said.