The Real Deal Miami

Miami online auction debut draws big crowd

January 04, 2010 11:12AM

About 1,450 investors have registered to participate in Miami’s first online auction of foreclosed properties, now scheduled for Jan. 11. While dozens of people attended the courthouse live auctions, the online outlet is intended to reduce the backlog of foreclosures, which now total more than 7,000 a month in the Miami area. Only about 450 properties a week can be sold at the live auctions, and the Miami-Dade Clerk of Courts said that could triple with the online sales. The Miami-Dade area has 110,000 open foreclosure proceedings, the third-highest total nationwide. [Miami Today News]