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.
Irvine, CA (Vocus) March 6, 2010
Home foreclosure auction sales are red-hot throughout the U.S.
Real Estate Disposition, LLC, (REDC), the nation's leading real estate auction company, has auctioned a U.S.-leading 5,705 properties for $322 million so far this year as it rolls into Atlanta to auction 250+ foreclosures at Cobb Galleria Saturday March 6 at 9:30 a.m.
"2010 is the year of the foreclosure," REDC CEO Jeff Frieden says, referring to the three to seven million foreclosures that are hitting the market this year, doubling the number from 2009. "The market is white hot. The demand is there along with the inventory."-
To see all the properties up for auction, go to REDC's web site, http://www.Auction.com. The public may register online for the auction. REDC also conducts commercial and notes auctions, which can also be reviewed at http://www.Auction.com.
Here are some of the best deals in the ATL auction:
647 Hwy 279 Fairburn, GA 30213 – 5600 sq ft house previously valued at $678K that will have a startling bid of $99K;
613 Chimney Oaks Mableton, GA 30126 – 3619 sq ft house previously valued at $510K that will have a startling bid of $149K;
4997 Dovecote Trl Suwanee, GA 30024 – 3864 sq ft house previously valued at $455K that will have a startling bid of $99K;
844 Cross Fire Ct Nw Marietta, GA 30064 – 3733 sq ft house previously valued at $425K that will have a startling bid of $149K;
The dismal state of foreclosures in Georgia and 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. REDC is conducting a record 88 auctions in a 42-day span.
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.
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 in today’s market,” Frieden says. “In fact, the real estate auction industry now plays a major role in property sales in the U.S. 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.