Home Auctions New Boom in Real Estate

The new boom in real estate is the home auction business, which is sweeping the U.S. by storm at an unprecedented pace, according to a new report by Housing Predictor.

All time record foreclosures caused by the melt down in the mortgage business have led lenders to make more foreclosures than ever before in U.S. history. Already 1-million homes have been foreclosed in 2007, and Housing Predictor forecasts at least another 2-million homes will be foreclosed through 2009. The forecast may be increased substantially unless Congress steps in to intervene and save home owners.

The tsunami of foreclosures initially produced a record setting pace as a result of unregulated subprime mortgages. But the crisis has spread into conventional mortgages, which are now being foreclosed at an accelerating rate. The crisis is so bad that home owners in California, Arizona, Florida, Nevada, Michigan and Indiana among other states are leaving their keys on the kitchen counter and fleeing their homes in record numbers.

The foreclosures, however, have led to the largest home auction business in history with more auction companies going into business than ever, including online auction companies like Realty Bid and RealtyStore, which offers a national foreclosure listing service with foreclosures throughout the entire U.S.

The Chief Executive Officer of RealtyStore, Tim Chin says it’s a win-win situation for his company’s customers. “Our members benefit by finding real estate at below-market prices. Homeowners benefit by avoiding a foreclosure process that can damage their credit, and banks benefit by disposing of non-performing assets.”

More than twenty foreclosure and home auction services are available on the Internet alone, and every day it seems there is a new business adding to the growing platform of companies. RealtyStore is a full service provider of foreclosure listing services, including local market forecasts on markets in all 50 states in its exclusive partnership with Housing Predictor.

Housing Predictor forecasts more than 250 local housing market futures in all 50 states, including the nation’s best and worst 25 markets nationwide.

Get the full details on the new auction boom in real estate, check market forecasts and real estate listings at http://www.housingpredictor.com