REDC Generates $68.8m in December Foreclosure Auctions
Auctions conducted by Real Estate Disposition (REDC) on December 5th and 6th facilitated $68.8m of foreclosed property purchases. The California-based auction house offered homes in both live and online auctions. Auctions in Miami and Orlando generated $14.1m in purchases. Sacramento and Santa Clara auctions produced $11.6m, while auctions in Washington DC and Richmond, Va. generated $5.3m. Online auctions accounted for $37.8m of purchases. A property in Miami sold for $63,000, 81% below its peak value of $328,700. Another in Ft. Lauderdale, Fla. went for $35,000, a 72% decrease from its previous value of $121,500. "We're very pleased with the results from the weekend's auctions,” says REDC CEO Jeff Frieden. “Many first-time homeowners and investors walked away with incredible bargains throughout the country. Many people had winning bids on properties that were more than 50% less than the house’s previous high value.” REDC conducted 312 auctions in 2009, and its total sales reached $2bn. Frieden adds that these purchases boost the economy. “When a house sits vacant, everyone loses,” Frieden says. Write to Jon Prior.