Reports say that despite dismal performance of real estate market 'Auction Business' is doing well. With auctioning real estate businessmen have sold properties amounting to $58.6 billion. The auction included residential, commercial and agricultural properties. However, most of the business took place in the residential sector; people are facing problem of foreclosure, and, hence, auction.
On the other hand commercial auctions are expected to do well as property owners and developers are asking to raise cash to pay off loans. Reportedly, one research company 'Real Capital Analytics' estimates that there are 5,227 troubled, potentially troubled or lender-possessed commercial assets in the US. The value of these properties could be anywhere around $124 billion.