PHOENIX -- More than 100 Valley homes were auctioned off on Sunday, and some buyers took advantage of the market's downturn, buying houses for as low as $20,000.
An online retailer,
Auction.com, oversaw the auction and said the Phoenix home that went for just $20,000, near 19th Avenue and Cactus Road, was at one time valued at $124,000.
SEE PHOTOS OF THE HOMES IN THE ATTACHED SLIDESHOWBuyers got the chance to take advantage of dozens of deals, like a Phoenix home near Greenway Parkway and Tierra Buena Lane, which was once valued at $514,000, but sold at auction for only $192,000.
Auction.com CEO Jeff Frieden said his company is very pleased with the results of the recent auction.
"First-time homeowners and investors walked away with some incredible bargains. What's also great about the auction process is that it is a big boost to the economy. When a house sits vacant, everyone loses," Frieden said.
Saturday was the start of a four-day, four-city Auction.com tour in which more than 200 foreclosed properties in the Phoenix, Denver, Salt Lake City and Albuquerque areas will be auctioned.
