Government Auctions

A government auction is an auction of items that were confiscated by various government agencies and departments. These auctions vary in format, size, and organization. For example, some are held by local departments, while others can be larger, regional events. However, all proceeds are kept by the organization who is selling the items.

The items available can range from furniture to cars, and even property. These auctions became increasingly popular in the late 90s and early 2000s, as more people began buying things they could not afford. More specifically, people were signing mortgages and loans that they could not pay back because they were able to lie about their financial instability on the new forms. These forms were made under Bush, who approved an initiative as a way to allow more people to become homeowners.

Unfortunately, it harmed the Americans who were able to exploit the system, which eventually affected banks and the economy as a whole. As more and more people became unable to pay their loans back, the need for these auctions grew.