Home / News / REO / REDC Sells $57M in Foreclosed Homes in Chicago and Las Vegas
Print This Post Print This Post

REDC Sells $57M in Foreclosed Homes in Chicago and Las Vegas

Irvine, California-based ""Real Estate Disposition LLC"":http://www.redcgroup.com (REDC), a national real estate auction company, recently announced that it sold 634 homes for $56.6 million during its just-completed auctions in Chicago and Las Vegas November 22-23.
That brings REDC's 2008 production to 17,088 foreclosed homes sold for $2.68 billion, nearly tripling the numbers from 2007 when REDC sold 4,103 foreclosed homes for $920 million. According to REDC, they are the first real estate auction company in history to hit above the $1 billion mark in sales within one year.
""Despite the tumultuous housing environment, homeowners can still find a home of their dreams - and auctions are an ideal way of doing it,"" the company said in a press statement. REDC makes financing options available to potential buyers at its auction events, with down payments as low as five percent. The company also offers free loan pre-qualification through preferred lenders.
Jeffrey Frieden, REDC's CEO, points out that while it is troubling that so many people have lost their homes through foreclosure, many others are realizing the American dream of owning a home through the auction process. Frieden says his company works with the largest financial institutions in the nation to liquidate their foreclosed home inventory.
""This is the bright side of the dark and dismal foreclosure debacle,"" Friedman said. ""Our company helps turn houses into homes.""
REDC's next auction is in New York on December 3. The company also has auction events scheduled for December 6-14 in both Northern California and Florida. At each of these coastal events, it plans to sell more than 1,200 lender-owned homes. REDC is even extending its reach to Puerto Rico, auctioning 500+ foreclosed homes there for banks and lenders in a three-day event beginning December 14.
To see REDC's full auction schedule and the properties that will be offered at these events, ""click here"":http://www.ushomeauction.com.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

Check Also

FORCE Summit Offers Education, Insights Into State of Industry

The state of the real estate industry, the nuances of the servicing businesses, and government issues were all discussed at the Five Star FORCE Summit Tuesday, part of the Five Star Virtual Conference.

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.