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Wednesday, August 5, 2009

Rise in live auctions

According to National Association of Auctioneers, in residential real estate market there is an increase in private live auction which has totaled to $59 billion in 2008. There can be an increase in the auction volume again this year because commercial real estate sector is weakening. President of Sheldon Good & Co, 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."

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1 Comments:

  • At August 5, 2009 2:59 PM, Blogger Rob said…

    Most experts would agree that there is going to be another four year slump in the housing market, which means lower house prices in the near future, for now i am content with renting in unstable times.

    http://investmentideasforrecession.blogspot.com/

     

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