The sixth point to be considered is the loss of value through disposing of the property at forced sale, and through the injury to the reputation of the property caused by the foreclosure. Though properties seldom have to be bought by the mortgagee at foreclosure sales in Europe, it is still the common rule in the United States, largely owing to defects in our mortgage laws. As has been pointed out, the time necessary to obtain title or sell the property at foreclosure sale in Europe is generally very much less than it is anywhere in the United States, and is generally less in the Eastern and Southern States than in the Western. It is usually in the largest cities only, however, that there is any speculative market furnishing a demand for properties of all kinds at all times at a reduction in price from the normal value. Outside of New York City there is practically no auction market for real estate, except in New Orleans and Norfolk, Va., and in most, though not all, of the smaller cities properties are sold generally to those who intend to use them personally. The disposal of foreclosed property as promptly as possible in order to realize on it, is the aim of most individual investors, and should be the aim of all financial institutions, since real estate, other than that needed for their own use, is not a proper asset for them to hold, as is recognized by law. For the reasons I have mentioned, where a quick sale is desired, a surprising difference will be found in different communities and on various classes of property, some cities having an active market which will absorb any good property offered at a price within perhaps 5% to 10% of its full value, while in other cities it is difficult to obtain within 25% of the full value obtainable under favorable circumstances.