New spin on foreclosure auctions

Site uses daily price reductions to woo buyers

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

I'm always a sucker for the next good idea, and the single-family residential market could use a good idea. With more than 3.6 million homes on the market as of third-quarter 2009, perhaps someone could invent a way to sell more of those homes and stabilize the supply-demand equation. Jim Hodson and Dan Connell certainly haven't built the automatic sell-a-home machine, or even topped the time machine on "The Rocky and Bullwinkle Show" cartoon, which could return us to a point before the subprime mortgage crisis tipped the country into a recession ... but they did create and are now putting to market one of the more unique concepts to help move foreclosed homes quicker. It's an Internet-based technology that takes the online auction concept and twists the scope slightly for a time-limited, open-market bidding system for foreclosed single-family residences. At first glance,'s methodology operates in a similar manner to other Internet auction techn...