About 460 Homes Auctioned January 16th-18th and over 200 of these Homes Will Be Sold Absolute -- to the Highest Bidder Regardless of Price

DETROIT, Jan. 5 /PRNewswire-USNewswire/ -- In a crumbling housing market where home prices and interest rates keep dropping, foreclosure auctions offer buyers another incentive to jump into the market. In cities like Detroit, where foreclosure rates run high, lenders typically will sell homes at discounted prices to quickly put new owners into these vacant properties.

Hudson & Marshall will auction nearly 460 Detroit bank-owned foreclosures January 16th (62 homes), January 17th (229 homes) and January 18th (170) at 1:00pm at the Dearborn Inn. Over 200 of the Detroit homes will be sold absolute, to the highest bidder regardless of price. Bidders will be required to make a deposit of $1,000 in the form of cash or certified check for each property which they are the winning bid.

The Detroit auction is part of the company's swing through Michigan, where it will auction a total of nearly 500 homes throughout cities in the state January 14th-18th. For a complete schedule and property listings, visit www.hudsonandmarshall.com or call 866-259-4415.

"Because banks own a large number of foreclosures nationwide, they are aggressively discounting these properties at auction to quickly work down this inventory," said Dave Webb, Principal, Hudson & Marshall. "Subsequently, real estate auctions are a great vehicle for buyers to reap sizeable savings on the purchase of homes or investment properties," concluded Webb.

According to the S&P/Case-Shiller Home Price Indices' data through October 2008, 14 of the 20 metro areas reported annual price declines exceeding 10% compared to October 2007. Detroit experienced a 20.4% annual rate of decline in its home prices for 2008. Additionally, Detroit was one of six metro areas to post the largest monthly decline on record for October 2008.

All the Detroit homes being auctioned will be sold in "as-is" condition and each property comes with guaranteed title insurance paid for by the sellers. Prior to placing bids on any homes, buyers should inspect properties during the open house scheduled for January 10th and January 11th from 1:00pm-3:00pm. Contracts usually close within 30 to 45 days, depending on the seller.

Prior to auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers generally respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted. Properties marked absolute will be sold to the highest bidder regardless of price.

Having sold over 70,000 homes for sellers in the past eight years, Hudson & Marshall of Texas, Inc is the most experienced, trusted leader in the REO auction industry. The company's accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return. Over the past five years alone, Hudson & Marshall's total sales have topped $1.2 billion and the company anticipates selling another 30,000 homes through 2009.

About Hudson & Marshall of Texas Inc.

H&M is America's Premier Auction Authority. Our 40-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 70,000 homes throughout the country. See more about H&M at www.hudsonandmarshall.com.

SOURCE Hudson & Marshall of Texas Inc.