Two big property auctions in Los Angeles this month underscore a monumental task facing banks and savings and loans.
On July 8, more than $200 million of real estate owned by banks, S&Ls, insurance companies, corporations and credit companies was up for bid at the National REO Auction held by Grubb & Ellis Co. and the Ross-Dove Company Real Estate Auction Partnership. The second auction is a sealed bid sale in which bids are due July 28 on $250 million in property through Santa ...