The Buyer's Market in Real Estate Leads to Auctions

The Chicago Sun-Times reports:

Home sellers in Chicago's flagging housing market who are turning to auctions to unload their properties learned from a West Rogers Park auction that buyers will show up with checkbooks ready if the prices are right.

About 75 would-be bidders were at a recent auction and watched as two new luxury houses, originally listed for $899,000, were bought for prices in the low $600,000s.

Three other similar new single-family homes didn't sell at all in the crowded auction hall Wednesday night because no one bid enough to meet the seller's undisclosed minimum.

I guess not everyone can make a quick buck in real estate every year.That's a pretty big percentage price drop.