Great info guys, thanks. Until the banks get more serious about selling, the outcomes for these auctions are going to remain the same. I doubt that half of these properties will show up as recorded sales. I’m sure that they will go back to the banks. Eventually if the market continues to spiral downward these banks will have to lower their expectations. Even though this auction looks like a failure to most of us, I think this was a lesson for the banks. In the future these auction houses (the auctioneer) may require fees from the banks even if there are no sales recorded. The auction houses are going to get frustrated with the banks for not selling.
I love these auctions, can’t wait for the next one.