Foreclosure Auctions Move Online


Many a real estate dream has died on the courthouse steps during the past two years, via a foreclosure auction. Going forward, these mini-dramas will play out more quietly and efficiently on the Web.

To whittle down the load of pending sales-a record 2.8 million properties received foreclosure notices last year, up 21 percent from 2008-local officials are turning to online auctions.

Florida, which recorded the second highest number of foreclosure filings in the country in 2009, is the first state to turn to Internet-based auctions to process distressed property sales. These cyber auctions can bring in buyers from around the state or around the world.