There's More at an Auction than Foreclosed Homes

For years many people thought real estate auctions equaled foreclosed homes. Period. While the auction of foreclosed homes is still quite common, especially in the current housing market, real estate auctions actually offer a variety of opportunities for buyers and sellers alike.

Builders, investors and individuals who can't afford to wait out the real estate slump are increasingly turning to auction to move property. Properties that may have taken more than a year to sell can be auctioned in as little as 30 days. Revenues from real estate auctions are up nearly 47 percent 2003 according to the National Auctioneers Association. Residential auctions, which include foreclosed homes, are the fastest-growing segment with gross sales of almost $16.9 billion last year.

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