The bailout has its positive effects...

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An auction that netted $7.5 million in bids on 56 distressed Utah properties fell through last week after the owners — three banks and two private lenders — decided they may get a better deal by holding out for the government’s bailout plan.

"There were buyers, but we couldn’t sell the homes because free enterprise has gone out of the market," said Eric Nelson, founder of Las Vegas-based Eric Nelson Auctioneering.

"This has never happened before. In the 25 years we’ve conducted lender-owned auctions, we’ve consistently closed over 95 percent of all high bids," Nelson said.

"The stock market’s historic drop last week and the bailout plan are some of the main reasons why the lenders rejected the bids," he said. "They’re thinking, ‘Why sell the properties for 50 cents on the dollar when they may get 75 cents or 80 cents through the bailout?’ "