U.S. Record $71M Spent at REDC Foreclosed Auctions Over The Weekend

Weekend's take included a national online auction at REDC's web site, www.Auction.com, which generated a record $43.2 million as 1,098 foreclosures were made available to the public.

A U.S. record $71 million was spent this weekend at home foreclosure auctions by REDC, the nation’s leading real estate auction company, the company announces this morning.

REDC conducted live auctions in Atlanta and Phoenix over the weekend as well as a national online auction on its web site, www.Auction.com, which generated a record $43.2 million as 1,098 foreclosures were made available to the public. The Arizona auctions at Phoenix Convention Center generated $185M in sales, and in Atlanta on Saturday, $9.4M was spent on foreclosures.

Most of the purchases were by first-time homeowners.

"We're very pleased with the results from the auctions,” says REDC CEO Jeff Frieden. “First-time homeowners and investors walked away with some incredible bargains. What's also great about the auction process is that it is a big boost to the economy. When a house sits vacant, no one is paying a mortgage, property taxes, gas, electric and water bill, and they're not hiring landscapers, painters and electricians - all of which hurts the economy. But when we put a family into a home, they're paying a mortgage, property taxes, gas, electric and water bill, and they're creating jobs by hiring landscapers, painters and electricians - all of which fuels the economy."

The auctions, which are part of REDC's U.S.-record 125 auctions in 71 days, are in response to the record 3 to 7 million foreclosures hitting the market this year.

REDC has auctioned a U.S.-leading 7,488 properties for $403 million this year.

The state of foreclosures in the U.S. is dismal. The State Foreclosure Prevention Working Group, which is made up of state banking regulators and attorneys general, released a report that says, "Despite efforts of servicers, homeowners, and the government, the foreclosure crisis continues to worsen. These signs point to more foreclosures in 2010 than in 2009."

Thousands of these foreclosures will change hands through REDC's auctions, which directly impacts the local and national economy by helping to minimize the ramifications of another economic crash. REDC auctions have emerged as a hot new trend in home buying and investing, whether it's residential, commercial real estate or notes.

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, establishing the company as the global leader in real estate auction marketing. REDC's real estate auctions have gained tremendous appeal and popularity among buyers and sellers, even in today's difficult economic housing environment.