REDC Foreclosure Auctions Generate $47.4 Million in Sales

In an announcement Tuesday, ""Real Estate Disposition Corporation"":http://www.auction.com/ (REDC), a real estate auction company based in Irvine, California, said foreclosure sales for its lending and banking clients soared this past week in nationwide live and online auctions, which generated $47.4 million in sales on 625 foreclosed residential properties, commercial properties, and notes.
[IMAGE]

""We're extremely pleased with the success of the foreclosed home auctions as well as the commercial and notes auctions we've held for our banking and lending clients this week and this year,"" said Jeff Frieden, CEO of REDC. ""Our clients continue to reduce much of their inventory while maximizing their profits.”
[COLUMN_BREAK]

Included in REDC's auctions last week was a bulk sale of 149 properties from one lender that resulted $16.6 million in sales. Live weekend auctions in Boston and Philadelphia included 173 properties from a variety of lenders that generated $13 million in sales, and an online Texas auction featuring 120 properties, also from multiple lenders, produced sales of $10.3 million, as 95 percent of the properties were sold.

The remaining $7.5 million in sales was generated through other auctions.

""These latest foreclosure auctions are perfect examples of REDC's marketing expertise,"" Frieden said. ""Our marketing campaign generates thousands upon thousands of registered bidders, open-house visitors, and Web visitors.""

REDC saw huge success in 2009 and 2008, when the company established industry records by auctioning 60,000-plus properties for a total purchase price of $6.1 billion, and the company expects 2010 to be another great year.

So far this year, REDC has auctioned 7,902 properties for $462 million. The company is in the midst of completing 125 auctions in 70 days, and this week alone, REDC said it is conducting auctions every day.