Foreclosure Rates And Auction Numbers Rise Hand In Hand
Saturday, July 21st, 2007The auction firm of Williams & Williams has cause to celebrate – it ranks first in the world for having topped sale of auctioned properties. As foreclosure rates rise more and more house owners have sought escape from troubles via the auction route.
According to Mortgage Bankers Association, the last quarter of 2007 saw foreclosure listings hit an all time high. There are no signs of the tide subsiding says their economist Dough Duncan. RealtyTrac, a name in foreclosure data collection opines that out of 24 major markets in the entire country, 20 showed increases this year compared to 2007.
The numbers are self-explanatory says President of Williams & Williams. He analyzes that a two-tiered real estate system has emerged from the present scenario. On the one side is the traditional approach, which is a luxury confined to a limited few. On the other side of the fence are those who want to clearly know the current rate of their property fast and quick. Their outlook is similar to that of the stock exchange trader or even of a Rockefeller selling a painting. They all go to the auctioneer.
Going to the auction has its advantages. It brings a fair value to the property and does not involve playing the waiting and guessing game of the traditional listing method. In a swift single session buyers determine the real worth of the unit thus saving both on precious time, energy and money. The auction method prevents loss of equity and credit worthiness. Lenders do not have to sit indefinitely on foreclosed properties and lose money.
The auction move is sending shivers down the real estate spine. While speculators and agent hum and haw genuine buyers snap up deals at local auctions in a matter of seconds. Novices who have never experienced auction sales are coming out of it satisfied. Joe Wallman is one such new entrant. He says that now he can clear his debts and live in another affordable house. He is all praise for the professional expediency of William & William and highly recommends them for others in a similar soup.
Williams & Williams is gearing up to meet a double take on their demand since the previous year. This will be their success story for the fourth consecutive year showing a 100% growth since the company was given a facelift in 2003.
