In 2011, our residential sales totaled $1.8 billion and 35,000 homes auctioned. Our commercial real estate division auctioned 1,169 Notes totaling over $4.6 billion at a recovery rate of 52 percent; additionally, it auctioned 1,087 REO valued at $1.2 billion with an average recovery price at 103 percent of the reserve.
Working directly with lenders, financial institutions, developers and private parties, Auction.com conducts auctions throughout the United States and abroad, ranging from live ballroom mega-auctions to local on-site and courthouse auctions, plus online auctions through the use of our proprietary and best-in-class online auction platform.
Home buyers and investors alike have the opportunity to bid live at our ballroom auctions, online against ballroom bidders using our webcast platform, or participate in online only auctions through our state-of-the-art online bidding system where buyers bid in real time as the auction progresses.