Real Estate Auctions a Growth Sector

At least one sector of the real estate market is doing fairly well. Although the dollar volume of goods and services sold at auction last year declined by almost 1%, gross receipts from real estate increased for the sixth consecutive year, according to the National Auctioneers Association. Revenues from residential real estate sales grew by 1.1% in 2008, while receipts from land and agricultural real estate was up 0.5%, NAA reported. Only the commercial real estate category fell last year, dipping 1.4%. Real estate owned properties were "a major contributor" to the auction business's growth, NAA said. Banks frequently contract professional auctioneers to sell foreclosed properties at auction, as well as refer auctioneers to customers with troubled assets and use them to sell their own foreclosed properties. Headquartered in Overland Park, Kan., the NAA represents some 5,000 auctioneers.