Inman News Blog Reports: “Real Estate: An Auction Block Party”
February 9, 2008
Live auctions of residential real estate grew 5.3 percent in 2007 to about $16.8 billion, the National Auctioneers Association reported, following a 12.7 percent gain in 2006 to $16 billion.
Growth in auctions is a sign of the slowing housing market, as auction sales can serve as an alternative to standard sales methods as prices and sales drop and the foreclosure rate grows.
The auctioneers’ group even launched an online site last year that it dubs a multiple listing service for auction properties, at: http://www.naarealestateauctions.com/consumer/index/mls. {see SIMA blog article on this subject}
Overall auction activity, including real estate and other goods and services, grew 5.3 percent in 2007 to $270.7 billion, following growth of 7.1 percent in 2006, to $257.2 billion.
Some Realtor MLSs allow the listing of auction properties, as Realtors can represent consumers in auction sales, and the National Association of Realtors (see Inman News article) and some real estate companies (see Inman Blog post) have sought to forge stronger ties with the auction industry.
