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by CareyBot

Led by real estate ads, spending on local online advertising is expected to grow by 31.6 percent next year to $7.7 billion, according to a Borrell Associates report released Thursday. Real estate companies are the biggest buyers of local online advertising, accounting for 21.8 percent of all spending, the report said. With a 12.7 percent share, auto marketing was the second-biggest source of local online ad revenue. Credit and mortgage companies were third on the list of big spenders, acounting for another 5.3 percent of local online ad revenues. Borrell expects the growth in real estate local online ad spending to accelerate, because only 39 percent of agents are currently advertising there. But the report projects that overall, growth in local online advertising will slow before peaki...