Industry News

Real estate industry sets sights on the auction block

Slowing market may trigger bidding boom

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Going once ... going twice ... sold. That phrase can be music to the ears of homeowners who want to sell their properties in a short period of time and are facing a slowing real estate market. It also can be a sweet sound for real estate professionals, who can work with auctioneers, sellers and buyers to receive compensation in auction transactions. Auctioneers credit online site for making auctions more accessible and acceptable for the masses. While real estate sales through auction account for a small fraction of total sales, auction companies have reported growth in real estate transactions. And a slow housing market is typically a ripe market for real estate auctioneers. The value of all goods sold at live auctions jumped from $217.2 billion in 2004 to $240.2 billion in 2005, a 10.6 percent gain, according to a report produced by the auction association, and the number of auctions increased by about 5.2 percent during that time. About $14.2 billion worth of residential r...