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.

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