Dozens Of Foreclosed Homes Auctioned Off

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NASHVILLE, Tenn. - Dozens of foreclosed homes were being auctioned off for 50 even 60 percent of the original value, and hundreds of people showed up ready to buy and move in.

The auction took place at Nashville's Municipal Auditorium in downtown Nashville. More than 40 Nashville area homes went for auction Wednesday night.

"They're buying homes they maybe could not have afforded maybe a year ago," said David Lee with the REDC Autcion.

In 2008, Tennessee ranked 12th in the nation of foreclosure filings with more than 44,000 homes.

The auction started at 6:30 p.m. Those interested had to bring W-2's from the past two years and a cashier check for $2,500.

"Those folks infuse the local economy because when you buy a house you don't just move in. You're going to buy new paint, put new carpet, so you are going to see for more affect than you see tonight," said Lee.

In the month of March more than 4,000 homes in Tennessee were foreclosed on.

Shelby, Davidson and Knox counties have the largest number of foreclosures, making up more than 50 percent of the state's total. Shelby, Davidson and Knox counties have the largest number of foreclosures, making up more than 50 percent of the state's total.