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Daily Real Estate News  |  March 6, 2009  |   Auction Industry Sees Growth in Real Estate
The soft real estate market may have been a boon for the auction industry last year, according to the results of the National Auctioneers Association's 2008 industry survey.

In 2008, approximately $268.4 billion in goods and services were sold at auction in the United States, a decrease of slightly less than 1 percent over 2007.

However, several auction sectors saw increases, including residential real estate (up 1.1 percent), and land and agricultural real estate (up 0.5 percent). Since the NAA began tracking the industry in 2003, gross receipts from real estate auctions have increased each year.

Real Estate Owned (REO) properties were also a major contributor to the auction industry in 2008, the auctioneers association reports. That's because banks frequently contract professional auctioneers to sell foreclosed properties at auction, as well as refer auctioneers to customers with troubled assets.

Among other auction sectors that grew in 2008: agricultural machinery and equipment, commercial and industrial machinery and equipment, and charity auctions. Significant decreases were reported in art, antiques and collectibles (-9.3 percent), automobile (-5.4 percent), and personal property (-5.1 percent).

“The results of the industry survey are consistent with what we continually hear from auctioneers across the country. While some sectors of the industry have been impacted by the economy, others have grown or held strong,” said NAA President Randy Wells. “Consumers continue to attend auctions to find treasures and sellers continue to utilize professional auctioneers to help turn their assets into cash.”

Source: National Auctioneers Association

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