As we predicted way back during the Lehman crisis, foreclosures auctions in Manhattan would be very rare. Sure, a few condo developers in New York would eventualy be forced to either reduce prices dramatically or put unsold new apartments and lofts in auctions to move inventory. But certain factors here keep things from going under the hammer. The pace has been slow and the auctions rare for units in the hot downtown Manhattan market. But there has been some movement, as the New York Times now reports. Below are a few smart tips on how to approach the auction and foreclosure game:
