A peek inside the auction business


A particularly comprehensive auction piece on HousingWire.com caught my eye.

Andrew Scoggin’s post headlined “Do I Hear 20,000?” was so good that I had to share it with the auction aficionados among us.

Among other things, he explains tax foreclosure auctions, provides information on the volume of property auctions in the U.S., writes about online bidding, analyzes types of bidders and discusses fraud.

I didn’t know a lot of what is in the piece, for example:

  • Auction houses sold an estimated $17.1 billion worth of residential real estate in 2008, the most recent available data;
  • Those sales grew nearly 50 percent from 2003 to 2008;
  • Property listings at foreclosure auctions hit a nine-month high in November;
  • The 50-and-older crowd still likes the social aspect of a live, on-site auction, but online auctions do attract 20- and 30-somethings.

“You’ve got to be brave. This not for the meek,” Frank Donnelly, president of the Washington, D.C., branch of the Mortgage Bankers Association, told Scoggin.

Fair warning: Being brave hardly is enough.  You also have to be careful and controlled.  Very much so.

Tomorrow: If at first. . .

To take your own bite out of the Big Apple, search for your new home here.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

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