Phoenix

REDC Joins the REO Auction Heat Wave 

REDC rang in the summer heat last weekend with a 462 foreclosed home auction in Phoenix. The firm, operating under the recently acquired Auction.com domain name, auctioned $31m in homes from June 13 through June 14. “We’re extremely pleased with the success of the foreclosed home auctions we’ve held this year for our banking and lending clients,” says REDC/Auction.com CEO Jeff Frieden. The busy weekend pushed REDC’s share of real estate-owned (REO) auctions so far in 2009 to more than 17,000 foreclosed homes at 110 live auctions for a total sales price of $1.2bn.