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, Calif. (Vocus) April 22, 2010
Foreclosure auctions are red hot as Real Estate Disposition LLC, the nation's leading real estate auction company, rolls into Northern California this weekend to begin a three-day auction series in Sacramento, Santa Clara and Fresno featuring 225+ new foreclosures, including a million-dollar property and several half-million-dollar+ foreclosures.
REDC wraps up a five-day Florida auction series tonight in Jacksonville; the tour has generated $21M in foreclosures sales in just four days.
The best NoCal opportuntiies for the public include:
5327 Donald Ridge Ct Fairfield, CA 94534 -- 4104 sq ft 14 room house previously valued to $1.7M; starting auction bid of $289K;
288 Crestmont Drive Oakland, CA 94619 -- 2475 sq ft 8 room 5 BD house previously valued to $861K; starting auction bid of $319K;
2320 10th St Berkeley, CA 94710 – 2509 sq ft duplex previously valued to $663K; starting auction bid of $159K;
4516 Melrose Ave Oakland, CA 94601 -- 842 sq ft house previously valued to $455K; starting auction bid of $25K;
2248 Juliesse Ave Sacramento, CA 95821 -- 1508 sq ft 6 room house previously valued to $228K; starting auction bid of $49K;
114 Santiago Ave Sacramento, CA 95815 – 1344 sq ft house previously valued to $305K; starting auction bid of $19K;
14945 Trinidad Drive Rancho Murrieta, CA 95683 -- 3338 sq ft house previously valued to $754K; starting auction bid of $179K;
1072 Fiesta Drive San Mateo, CA 94403 -- 1670 sq ft 7 room house previously valued to $804K; starting auction bid of $259K;
922 S Lincoln St Stockton, CA 95206 -- 5434 sq ft 11 room 6 bedroom house previously valued to $908K; starting auction bid of $59K;
To see all properties, go to REDC's web site, http://www.Auction.com.
REDC has auctioned a U.S.- leading 9,550 properties for $525 million this year and is in the midst of a record 125 auctions in 65 days.
"2010 is The Year of the Foreclosure," says REDC CEO Jeff Frieden, referring to the three to seven million foreclosures hitting the market this year, double from 2009. "The market is white hot. The demand is there. So is the inventory. There will be some great deals at this auction."
The dismal state of foreclosures in the U.S. and California 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. REDC's real estate auctions have gained tremendous appeal and popularity among buyers and sellers in today’s market. They now play a major role in property sales in the U.S. and help make auctions a preferred choice over conventional, time-consuming and expensive real estate sales methods.
REDC also conducts commercial and notes auctions, which can also be reviewed at http://www.Auction.com. REDC's headquarters are in Irvine, California with offices in Dallas, New York and London.