According to an announcement Tuesday by Irvine, California-based ""Real Estate Disposition Corporation"":http://www.auction.com/ (REDC), the company auctioned 654 properties in its four-day, seven-city live auction series January 21, 23, 24, and 25, producing $41.4 million in sales.[IMAGE]
""We're very pleased with the results from the auctions,"" said Jeff Frieden, CEO of REDC. ""Our banking and lending clients continue to reduce much of their inventory while maximizing their profits.""[COLUMN_BREAK]
Auctions took place in cities across Florida, Northern California, and Ohio. REDC said the 355 foreclosures auctioned in Florida produced $22 million, and 174 foreclosures were auctioned in Northern California, resulting in $17.3 million in sales. The remaining $2.1 million was produced through the auction of 126 foreclosed properties in Ohio.
As foreclosures continue to flood the market, REDC said it has ramped up its operations to auction bank-owned residential homes and condos, commercial buildings, and notes in more than 47 states, both in live auctions and online. As a result of its auction activity, REDC says it has auctioned off 61,350 foreclosed properties for a total of $6.1 billion in sales since 2007.
Since its launch in 1990, REDC has helped tens of thousands of families and individuals purchase homes for affordable prices through its unique auction process, the company said. With this year's expected flood of foreclosures, REDC expects to auction twice as many properties as it did in 2008 and 2009.