Breaking News -- First bulk Real Estate Foreclosure Auction Launched Today Online by REDC
Irvine, Calif. (Vocus) March 15, 2010 -- For the first time in the nation’s massive real estate foreclosure crisis, foreclosed properties are available in bulk online through Real Estate Disposition, LCC (REDC), the nation’s leading real estate auction company.
The one-day auction began today on REDC’s web site, www.Auction.com. Bidding ends tomorrow at noon PST. For all details, click here.
“We launched a Bulk Sale Division to bring a new perspective and far superior execution to traditional bulk sales by lenders,” says REDC CEO Jeff Frieden.
Today’s first bulk sale features 160+ foreclosed homes in 12 geographical pools. The 12 pools feature three to 32 houses.
Here is a breakdown of the packages:
• Northeast1 features 24 foreclosures in New York, New Jersey, Massachusetts, Maryland, Maine, Connecticut, Virginia and Washington, D.C. The properties combined are previously valued to $7.8 million.
• Northeast2: seven high value properties in NY, NJ, MA, VA and MD previously valued to $7.5M.
• Southeast1: 15 foreclosed houses in NC, SC, GA, AL, MS, TN previously valued to $3.6M.
• Southeast2: three high value houses in NC and SC previously valued to $10.9M.
• Florida: 18 foreclosures previously valued to $10.2M.
• Midwest1: 17 houses in IL, OH, MN, MO and MI previously valued to $5M.
• Midwest2: six high value foreclosures in IL, MN and MI previously valued to $10.6M.
• Southwest: 10 houses in AZ, CO and UT previously valued to $8.7M.
• Northwest: 10 houses in WA, OR, ID previously valued to $6.2M.
• Northern California and Nevada: 11 foreclosures previously valued to $7.2M.
• Southern California, Nevada and Hawaii: 11 properties previously valued to $7.7M.
• Nationwide: 31 foreclosures in 12 states previously valued to $5.9M.
The auctions feature residential properties including multifamily, single family, townhomes, condominiums and vacant land. Property owners are banks, lenders, investment groups, hedge funds, other financial institutions and even individual investors or corporations.
The dismal state of foreclosures in the U.S. is staggering. The State Foreclosure Prevention Working Group, which is made up of state banking regulators and attorneys general, released a report that reports, "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."
In response to the millions of foreclosures hitting the market, REDC ramped up operations to auction bank-owned residential homes and condos, commercial buildings and notes in more than 47 states, both in live auctions and online. 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 also conducts commercial and notes auctions, which can also be reviewed at www.Auction.com. REDC's headquarters are in Irvine, California with offices in Dallas, New York and London.
Rick Weinberg
REDC Group Communications, Media Relations and PR
949-639-3558 (office)
949-648-3815 (cell)
###
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