Real LI

The Long Island Business News reports today that auctioneers have found a cottage industry in the housing crisis -- approach homeowners who are late on their mortgage payments and auction their homes. “It’s mostly for non-distressed sellers who want to speed up the sale of their properties,” says Jeff Hubert, who works for Chicago-based Sheldon Good & Co., which "has sold $9 billion in property via auction since the company was formed in 1973." He goes on to tell the News: “It passes savings on to the buyer. The seller avoids carrying costs and gets his money out.”