Foreclosure Feeding Frenzy

The hot ticket in New York on Sunday wasn’t for the game between the Knicks and Nets. Instead, people vied for entry to the highly anticipated foreclosure sale at the Jacob K. Javits Convention Center in midtown. About 1,000 people attended the auction; even more bid online. The event was a dystopian circus, made up of fast-talking auctioneers, jubilant buyers and angry protestors.

It’s hard to imagine such scenes playing out several years ago, even for those who predicted a housing downturn. Foreclosure sales and tours are being held regularly around the country. This is what fills in as sport these days. Think of it as a different version of March Madness.

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