Foreclosure Auctions Red Hot as Real Estate Auction Giant REDC Launches 5-Day FLA Event

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For the second time in a month, and for the sixth time this year, REDC, the nation's leading real estate auction company, returns to Florida to launch a five-day auction series featuring 350 new foreclosures in Orlando, Miami, Ft Lauderdale, West Palm Beach, Ft. Myers, Tampa, Jacksonville, including several million-dollar properties.

Last month in Florida, the public walked away with great deals

For the second time in a month, and for the sixth time this year, REDC, the nation's leading real estate auction company, returns to Florida to launch a five-day auction series featuring 350 new foreclosures in Orlando, Miami, Ft Lauderdale, West Palm Beach, Ft. Myers, Tampa, Jacksonville, including several million-dollar properties.

REDC has auctioned a U.S.- leading 15,500 properties for $700 million so far this year – including 1,650 in Florida for $76.3M -- and is in the midst of a record 125 auctions in 65 days.

Media is welcome to preview and cover the auctions. Media may shoot video/photos of any foreclosure prior to or after the auctions. Media may interview prospective first-time homebuyers prior to an auction at the properties they intend to bid on. At the auctions, there will be great visuals and photo opps for you as a majority of the foreclosures are expected to sell, many to first-time homebuyers. All bidders are available to interview.

“These auctions will fuel the Florida economy,” says REDC CEO Jeff Frieden. “When a house sits vacant, no one is paying a mortgage, property taxes, nor gas, electric and water bills -- all of which hurts the local and national economy. But when REDC put a family into a home, they're paying a mortgage, property taxes, gas, electric and water bills, and they're creating jobs by hiring landscapers, painters and electricians - all of which fuels the economy.”

Auction schedule:
Orlando Saturday May 22 at 9:30 a.m. at Orlando World Center Marriott;
Miami Sunday May 23 at 9:30 a.m. Miami Beach Convention Center;
Ft. Myers Monday May 24 at 6:30 p.m. at Harborside Events Center;
Tampa Tuesday May 25 at 6:30 p.m. at Tampa Convention Center;
Jacksonville Wednesday May 26 at 6:30 p.m. at Prime Osborn Convention Center.

Best auction deals include:

5124 Tuscan Oak Dr Orlando, FL 32839 -- 2285 sq ft house previously valued to $340K that has a starting auction bid of $89K;

14109 Pipevine Ct Winter Garden, FL 34787 -- 2961 sq ft 10 room house previously valued to $574K that has a starting auction bid of $89K;

505 N Ft Lauderdale Bch #701 Ft Lauderdale, FL 33304 -- 1308 sq ft house previously valued to $1.1M that has a starting auction bid of $199K;

6986 Spyglass Ave Parkland, FL 33076 – 3811 sq ft house previously valued to $750K that has a starting auction bid of $99K;

20300 Ne 10 Ct Rd Miami, FL 33179 -- 1908 sq ft 6 room house previously valued to $400K that has a starting auction bid of $69K;

9233 Aviano Dr Ft Myers, FL 33913 -- 1174 sq ft house previously valued to $232K that has a starting auction bid of $59K;

8799 Spring Mountain Way Ft Myers, FL 33908 – 1654 sq ft house previously valued to $220K that has a starting auction bid of $29K;

10032 Tranquility Way Tampa, FL 33625 -- 1908 sq ft 8 room house previously valued to $179K that has a starting auction bid of $29K;

11201 Cedar Hollow Ln Tampa, FL 33618 -- 1481 sq ft townhouse previously valued to $216K that has a starting auction bid of $19K;

1605 Lorimier Rd Jacksonville, FL 32207 -- 2046 sq ft that has a starting auction bid of $99K;

12659 Ashglen Dr N Jacksonville, FL 32224 – 1639 sq ft previously valued to $214K that has a starting auction bid of $49K;

To see all properties, go to REDC's web site, http://www.Auction.com.

“Last month in Florida, the public walked away with great deals,” Frieden says. “New homebuyers, investors and homebuyers looking to upgrade to a bigger property for a small mortgage payment, bought some beautiful properties.”

In Orlando, for instance, 2558 Robert Trent Jones Dr #1415 Orlando, FL 32835 sold for $22,500 -- 92% less than its previous high value of $254K; 9157 Lee Vista Blvd #203 Orlando, FL 32829 sold for $25K -- 82% less than its previous high value of $135K; 321 Valley Dr Longwood, FL 32779 sold for $157,500 -- 68% less than its previous high $370K value.

In Miami, the best deals were 2121 Ne 168 St #11 Miami, FL 33162, which sold for $22,500 – 87% less than its previous high value of $165K; 12833 Sw 20th Ter Miami, FL 33175 sold for $154,875 – 78% less than its previous high value of $680K; 1800 Ne 114th St #807-808 Miami, FL 33181 sold for $102,375 – 67% less than its previous high value of $309K;

Ft. Myers Deals of the Day: 10410 Carolina Willow Ft Myers, FL 33913 sold for $166,950 – 52% less than its previous high $342,750 value; 2612 Windwood Pl Cape Coral, FL 33991 sold for $223K – 60% less than its previous high valued of $542K; 12640 Equestrian Circle Unit 1907 Ft Myers, FL 33907 sold for $26K – 87% less than its previous high value of $197K; 2223 Sw 28 Ter Cape Coral, FL 33914 sold for $120,750 – 79% less than its previous value of $563K;

Tampa: 6907 20th St. Tampa sold for just $25K -- 85% less than its previous high value of $160K; 6607 N Elizabeth St Tampa sold for just $28,500 -- 77% less than its previous high $120K value; 10113 Lake Oak Cir
Tampa sold for $40K -- 75% less than its previous high $155K value.

Jacksonville: 1631 N Market St Jacksonville, FL 32206 sold for $61,950 -- 73% less than its previous high value of $156K; 7701 Timberlin Park Blvd #1522 Jacksonville, FL 32256 sold for just $35K -- 73% less than its previous high $126K value; 403 W 17th St Jacksonville, FL 32206 sold for $20K -- 72% less than its previous high $70K value.

"2010 is The Year of the Foreclosure," Frieden says, 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."

The dismal state of foreclosures in the U.S. and Florida 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, establishing the company as the global leader in real estate auction marketing.

“REDC's real estate auctions have gained tremendous 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 also conducts commercial and notes auctions, which can also be viewed at http://www.Auction.com. REDC's headquarters are in Irvine, California with offices in Dallas and New York.

Rick Weinberg | Public Relations
Real Estate Disposition LLC| http://www.AUCTION.com
Rickw(at)REDCgroup(at)com
Direct/Fax: (949) 639-3558 / Mobile: (949) 648-3815

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