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|Friday, September 30, 2011|
Kennedy Wilson Auction Group is preparing for a combination auction to sell off 70 bank-owned properties in Oregon and California.
The auction is set for October 15 at the Portland Marriott Waterfront.
"Well, of course, when a lot of these are sitting on the market and a lot of them are being auctioned off it depresses the over-all housing market and doesn't help the overall economic recovery," said one Sellwood resident who lives near one of the homes up for auction.
While most past auctions have centered on one property with multiple condos, this auction will be spread across Oregon and California. It's called a combination auction.
In a twist, bidders can make an offer and buy even before the auction in October.
Read more at KGW.
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