No. Shore homes up for auction

REVERE – A mortgage foreclosure expert described Saturday’s upcoming bank auction of foreclosed homes, which includes properties in Lynn, Revere and Marblehead, as the “perfect storm” for homebuyers.The auction by California-based Real Estate Disposition Corp. (REDC) and USHomeAuction.com, at the Westin Boston Waterfront Hotel starting at 9:30 a.m., will feature more than 400 foreclosed homes.”Consumers will be getting some magnificent homes for incredible prices at the auction,” said Jeffrey Frieden, chief executive officer of REDC/USHomeAuction.com. “They will be buying homes for 50 to 60 cents on the dollar and the majority of them are first-time homebuyers.”According to Frieden, people are able to buy homes at attractive prices because three conditions have emerged simultaneously – low interest rates, low home prices and highly-motivated sellers, namely, the banks. “It has created a perfect storm for homebuyers,” he said.The lengthy list of foreclosed properties includes several in Lynn, such as a condominium at 16 Mt. Hood Terrace once valued at $250,00 and with a starting bid of $1,000; another at 86 Washington St. with a zero starting bid price; and a home at 14 Whittier St., previously valued at $349,000 and on the block with a $5,000 starting bid.The sale list also includes 199 West Shore Drive in Marblehead, a home with five rooms, three bedrooms and 1,010 square feet of living space. Previously valued at $440,000, it has a starting auction bid price of $119,000.A Marblehead condominium at 83 Pleasant St., once valued at $199,000 will be sold with offers starting at $5,000.In Revere, the home at 10 Lawson Ave. is for auction, with three bedrooms and 1,457 square feet of living space. Previously valued at $288,000, it has a starting auction bid price of $59,000.Additional Revere properties on the block include 34 Curtiss Road, previously valued at $218,000 with a starting bid of $49,000; 18-20 Lawrence Road, formerly valued at $180,000 with a starting bid of $9,000; and 311 Ridge Road, previously valued at $225,000 with a starting bid of $1,000.”While it’s troubling that people have lost their homes through the foreclosure crisis, many others are realizing their dreams of owning a home through the auction process,” said Frieden. “We’re turning houses back into homes. When a house is vacant, everyone loses. When we put a family into a home, they’re paying a mortgage, property taxes, gas, electric and water bill, they’re buying furniture – all of which helps the economy. It moves the economy forward. A vacant home moves in backward, leading to the deterioration of the neighborhood. We prevent that as well.”The public may pre-register for the auction online at www.ushomeauction.com or by calling (800) 793-6107.REDC spokesman Rick Weinberg said all properties at auction are vacant.