Foreclosures Finalized on Courthouse Steps

Tuesday is known as Super Tuesday among realtors and mortgage companies. And it means many East Texans will lose their homes.

On the first Tuesday of every month, foreclosed property is auctioned off on the courthouse steps in every county in the state. A recent report says, nationwide, foreclosures have reached a thirty year high. That has allowed some realtors and investors to grab up great deals.

Brian Lee is a Tyler realtor who spent most of the day waiting for just such an opportunity. "I come down here for two reasons. The first is to see if there are any deals I can pick up. The second is to see if any out of state lean holders who need realtor services here."

Economists blame loose lending practices for the recent rises in foreclosures.