From Realtor Magazine Online, Daily Real Estate News August 4, 2009
The downturn in the residential real estate market sparked an increase in private live auctions, which totaled $59 billion in 2008, according to the National Association of Auctioneers.
Auction volume should rise again this year now that the commercial real estate sector is weakening.
Sheldon Good & Co. President Alan Kravets says auctions held in a down market help property investors and lenders minimize their losses, eliminating the carrying costs that would incur if the property languished on the market for several months.
National Association of Auctioneers deputy executive director Chris Longley adds that live auctions help "to quickly establish true market values in environments where people aren't really sure what the values are."
Source: Realty Times, Ken Harney (07/31/09)
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