Rapidly falling home prices and mounting foreclosures have taken the wind out of the Phoenix housing market but for buyers in pursuit of discounted property the forecast is full of opportunity. America's leading foreclosure auction firm, Hudson & Marshall will auction nearly 600 Phoenix area bank-owned homes January 20th-22nd, 24th and 25th. Valued from $21,000 to nearly $600,000, all homes come with title insurance paid for by the sellers.

"Over the past year, we've seen more owner-occupant buyers taking advantage of the country's declining home prices by attending our auctions," said Dave Webb, principal of Hudson & Marshall. "Buyers know their money typically can buy them more home for less at auction because the banks are highly motivated to find new owners for these foreclosures," added Webb.

Overbuilding and the high default rate on subprime adjustable rate mortgages toppled Arizona's housing market. Phoenix is the nation's weakest housing. According to S&P/Case Shiller Home Price Indices, in 2008 Phoenix reported an annual home price decline of 32.7%. Arizona also was one of nine states reporting foreclosure starts above the national average for the third quarter of 2008, according to the Mortgage Bankers Association.

Bidders at the Phoenix auction will be required to make a $5,000 deposit in the form of cash, cashier's check or certified funds for each property which they are the winning bid. Properties are sold "as-is" and buyers should inspect homes prior to auction. Property may be viewed during the open house on January 17th and 18th from 1:00 pm-3:00 pm or by contacting listing agents for an appointment.

Prior to auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers typically respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.

Having sold over 70,000 homes for sellers in the past eight years, Hudson & Marshall of Texas, Inc is the most experienced, trusted leader in the REO auction industry. The company's accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return. Over the past five years alone, Hudson & Marshall's total sales have topped $1.2 billion and the company anticipates selling another 30,000 homes through 2009.

About Hudson & Marshall of Texas Inc.

H&M is America's Premier Auction Authority. Our 40-year history combined with our continued process enhancements have allowed us to become one of the largest and most respected real estate auction firms in the United States. H&M has set the standard as a full service auction company and continues to consistently raise the bar for our industry. Our number one priority is to provide top-quality service to our customers. Buyers know they can count on H&M to provide value and service from the initial property offering through the closing process. This same approach provides sellers with a one stop single solution to the disposition of real estate assets. Sellers particularly appreciate H&M's streamlined approach that handles their assets from marketing through closing and funding. The H&M process allows the seller to minimize expenses and maximize return. H&M has assisted clients ranging from individuals to large, medium, and small corporations, government agencies, and financial institutions. Recently, H&M has sold and closed over 70,000 homes throughout the country.

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