Auctions on Real Estate have declined slightly

[thohome]

I don't find it hard to believe that there is a decline in people purchasing homes at an auctions. People everywhere are tighten there belts for what lies ahead. Those that can still afford to buy these homes do. and Those of us waiting to buy our first home are still waiting.

The rate of growth in residential real estate auction revenue in the first quarter of 2008 has decreased slightly compared to Q1 2007. Estimated growth of residential real estate auction revenue in Q1 2007 was 3.2%. Q1 2008 figures displayed a decrease of -3.5%. Revenue from agricultural and land real estate auctions increased slightly during Q1 2008 to 1.7%. Commercial and industrial real estate auction revenue decreased slightly to -1.6%.

"While the winter months are traditionally difficult months to sell real estate and the fears of a recession and a troubled economy have created concern among consumers, the auction industry continues to grow in the majority of its sectors," said NAA President Tommy Williams, CAI. "We anticipate the second quarter reports to show significant growth in real estate auctions as more and more companies are reporting increases in business."

More on the Decline of Real Estate Auctions

http://www.auctioneers.org/web/2008/..._industry.aspx

We will have to see what the warmer weather has instore for our Auctioners.
Maybe the decline although slight will even out.