The Globe has a piece on the curious practice of foreclosure auctions in Massachusetts, which require on-site bidding to do the deed. We learn, for instance, that some auctioneers still hold to the old English practice of breaking a branch on the property to prove they were there. Quaint.
A few disturbing statistics: foreclosures are up 59% in 2010, that’s about 11,000 properties seized this year. One auctioneer does about 23 foreclosures a day — or about one every hour. About 80% of auction winners are … the lender.