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CNN Live At Daybreak

HUD Homes

Aired February 19, 2004 - 06:16   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


CAROL COSTELLO, CNN ANCHOR: Time for a little "Business Buzz" now. Are you in the market for a new home? Well you could start by surfing the HUD Web site.
Carrie Lee has more live from the Nasdaq market site.

And I would expect you could get a bargain if you do that.

CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Well I know what you are thinking, Carol, and probably a lot of people are. HUD housing, probably not the best neighborhood, maybe a brick row home type of thing, but there are actually some pretty good bargains out there if you do your homework. CNN Money did just that. You can get some more information at CNNMoney.com on this, by the way.

But the bottom line here is that the Housing and Urban Development, HUD, is liquidating 4,000 of its foreclosed properties in a special two-day auction. The auction begins at 10:00 a.m. on February 27, closes one minute before midnight on February 28.

And you might say well what's so different about this because HUD sells foreclosed properties all the time, right? Well what's different about this auction is that interested buyers have two weeks to see the property, have it inspected and arrange financing. Typically it's hard for individuals to get in on these deals because they want to move them rapid fire. Internally, HUD sets a minimum price, but that amount is usually below market value.

Now the Web site people did do some looking around here. On the site they found some properties with mold, fire damage, so they are not all hidden gems here. But they did find some homes in the $200,000 range. So the bottom line, Carol, if you do your homework and participate in this auction, you just might get a good deal out there. And interest rates are pretty low these days, too, so you could win out if you do your homework.

COSTELLO: Yes, definitely not a seller's market, at least in many places across the country -- Carrie Lee.

LEE: Certainly not in New York, I can attest to that.

COSTELLO: Not here in Atlanta, either.

Carrie Lee live from the Nasdaq market site.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com






Aired February 19, 2004 - 06:16   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little "Business Buzz" now. Are you in the market for a new home? Well you could start by surfing the HUD Web site.
Carrie Lee has more live from the Nasdaq market site.

And I would expect you could get a bargain if you do that.

CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Well I know what you are thinking, Carol, and probably a lot of people are. HUD housing, probably not the best neighborhood, maybe a brick row home type of thing, but there are actually some pretty good bargains out there if you do your homework. CNN Money did just that. You can get some more information at CNNMoney.com on this, by the way.

But the bottom line here is that the Housing and Urban Development, HUD, is liquidating 4,000 of its foreclosed properties in a special two-day auction. The auction begins at 10:00 a.m. on February 27, closes one minute before midnight on February 28.

And you might say well what's so different about this because HUD sells foreclosed properties all the time, right? Well what's different about this auction is that interested buyers have two weeks to see the property, have it inspected and arrange financing. Typically it's hard for individuals to get in on these deals because they want to move them rapid fire. Internally, HUD sets a minimum price, but that amount is usually below market value.

Now the Web site people did do some looking around here. On the site they found some properties with mold, fire damage, so they are not all hidden gems here. But they did find some homes in the $200,000 range. So the bottom line, Carol, if you do your homework and participate in this auction, you just might get a good deal out there. And interest rates are pretty low these days, too, so you could win out if you do your homework.

COSTELLO: Yes, definitely not a seller's market, at least in many places across the country -- Carrie Lee.

LEE: Certainly not in New York, I can attest to that.

COSTELLO: Not here in Atlanta, either.

Carrie Lee live from the Nasdaq market site.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com