Altisource is a front end for one of the asset management companies. In my area at least I havent seen a home that was listed on their site that wasnt on the MLS (or soon to be on the MLS). I know many houses that have sold through the MLS that were on that site as well. IMHO it just looks like it is cutting down the steps for bid submission to make the process more effecient. The majority of homes I have seen across the whole state come through one broker (Judd I believe his name was) and all bids are directed to the website.

I dont think its an auction as much as your standard REO listing with a electronic bid submission interface.