Foreclosures

Foreclosure Auctions are White Hot as They Sweep the Nation

Industry Giant REDC Auctioning Foreclosures at a Record Pace

Irvine, Calif. (Vocus) March 4, 2010 — Home foreclosure auction sales are white hot this year. Real Estate Disposition, LLC, (REDC), the nation’s leading real estate auction company, is auctioning foreclosures at a record pace this year and is showing no signs of slowing down this year. The company has auctioned a U.S.-leading 5,700 properties so far this year for $322 million. The company is in the midst of conducting a record 125 auctions in a 71-day span.

“2010 is The Year of The Foreclosure,” REDC CEO Jeff Frieden says. “This market is sizzling hot. The demand is there along with the inventory.”

This weekend, REDC has auctions in Atlanta and Phoenix, two of the nation’s hardest-hit foreclosure cities. The company is also conducting a national online auction featuring foreclosures all over the U.S. More than 650 foreclosures will be auctioned this weekend by REDC.

To see all the properties up for auction, go to REDC’s web site, www.Auction.com.

Between three to seven million foreclosures will hit the market this year, according to industry experts and media reports. 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

“What’s great about the REDC auction process is that it is a big boost to the economy,” Frieden says. “When a house sits vacant, no one is paying a mortgage, property taxes, gas, electric and water bill, and they’re notcreating jobs by hiring landscapers, painters and electricians. 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 public may register online for the auction at www.Auction.com. REDC also conducts commercial and notes auctions, which can also be reviewed at www.Auction.com.

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.”

REDC auctions have emerged as a hot new trend in home buying and investing, whether it’s residential, commercial real estate or notes, according to industry and media experts.

Industry experts refer to these new foreclosures as “shadow inventory” resulting from delays through a variety of means, including national and state moratoriums, loan modifications, legal squabbling, re-defaults and bank problems. There is fear that the avalanche of new foreclosures will cause another economic crisis.

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. In fact, thanks to REDC, the auction industry now plays a major role in property sales. As a result, REDC has helped make auctions a preferred choice over conventional, time-consuming and expensive real estate sales methods.

REDC’s headquarters are in Irvine, California with offices in Dallas, New York and London.

Contact:
Rick Weinberg
REDC Communications
949-639-3558
rickw(at)redcgroup(dot)com
www.redcgroup.com
www.auction.com

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For the original version on PRWeb visit: http://www.prweb.com/releases/2010/03/prweb3689074.htm

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