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The auctioning of homes is becoming an increasingly popular marketing technique — particularly for foreclosed properties and unique upper-tier “one of a kind” type homes that are difficult to appraise.

Last year alone, about $58.6 billion in real properties were sold at the clap of an auctioneer’s gavel, according to the National Auctioneers Association. Because of this increasing activity, the NAA has launched a Web site (www.auctioneers.org) listing real estate auctions in a “multiple listing service” style format.

Rather than fighting the trend, many Realtors are embracing home auctioning as a viable marketing method. In some cases, they contribute listed homes to group auctions. They can also register prospective bidders at an auction and receive a commission on a property they might buy. The National Association of Realtors now has educational programs for its members on auctioning and its benefits.

The auctioning of foreclosed properties is a particularly hot marketing niche. An increasing number of firms have recently entered this field, offering to auction groups of foreclosed homes owned by lenders who are eager to reduce their inventory.

One company — Auction.com — has auctioned more than 19,000 foreclosed homes this year, according to a company report. One national online auction in August generated $31.7 million in auction sales. It sold 770 foreclosed homes in 45 states, it was reported.

The auction company receives a 5 percent “buyer’s premium” commission for each property sold, according to Rick Weinberg with Auction.com.

Another type of residential property where auctioning is very effective is luxury or “trophy” homes, often selling for multimillion-dollar prices. These properties are difficult to accurately appraise because of a lack of comparable property sales data. Also, the carrying cost of owning such luxury properties is high, raising the “urgency level” of finding a buyer and making a sale. An auction can often solve this problem.

First-time homebuyer tax credit

Real estate organization leaders are putting more intensive pressure on legislators to extend and expand the $8,000 first-time home-buyer tax credit, now due to expire Nov. 30.

Most industry leaders are calling on Congress to extend the tax credit program to at least Nov. 30, 2010, as well as make it available to all homebuyers to be used as their principal residence.

“If Congress acts to extend the tax credit program, it would spur 383,000 additional home sales, including 80,000 housing construction starts. That would create nearly 350,000 jobs over the coming year,” said Joe Robson, chairman of the National Association of Home Builders.

Although there have been signs of economic stabilization in recent weeks, unemployment remains high. Without a concerted focus on the housing sector that comprises more than 15 percent of the gross domestic product, any hope for a recovery could fade, a NAHB report noted.

Other real estate organizations are making similar recommendations.

To find out more about Jim Woodard, visit the Creators Syndicate Web site at www.creators.com.