REDC Foreclosure Auctions Remain Red Hot; $4M Spent on Miami Foreclosures

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First Two Days of REDC Florida Auction Series in Orlando and Miami Produces $9.1M in Sales, Fueling Local and National Economy

We're pleased with the results from the auction

$4.1 million was spent yesterday in Miami on foreclosed properties as REDC, the nation's leading real estate auction company, auctioned 188 fresh new foreclosures before a crowd of 225 at Miami Convention Center.

"We're pleased with the results from the auction,” says REDC CEO Jeff Frieden. “First-time homeowners and investors walked away with some incredible bargains. This was a big boost to the economy, locally and nationally. 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 we 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."

Deals of the Day:

505 N Ft Lauderdale Bch #701 Ft Lauderdale, FL 33304 sold for $367,500 -- 77% less than its previous high value of $1.1M;

20300 Ne 10 Ct Rd Miami, FL 33179 sold for $168K -- 68% less than its previous high $400K value;

6986 Spyglass Ave Parkland, FL 33076 – sold for $262,500 -- 66% less than its previous high value $750K;

16851 Ne 21 Ave #19 Miami, FL 33162 sold for just $20K -- 82% less than its previous high $108K value.

The auction was the second of a five-day Florida series that features 350+ new foreclosures. Day 1 in Orlando produced $4.9M in sales. REDC is in Ft. Myers tonight, Tues. in Tampa and Wed. in Jacksonville. This is REDC's sixth auction series in Florida this year -- including its second in less than one month -- and its 16th series in Florida since the start of the foreclosure crisis in 2007.

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.

The dismal state of foreclosures in Flroida is staggering. The State Foreclosure Prevention Working Group, which is made up of state banking regulators and attorneys general, released a report that says, "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."

But REDC is helping Florida dig out of the foreclosure mess by helping put families back into homes, fueling the local economy. 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 and now play a major role in property sales in the U.S., helping 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 REDC's headquarters are in Irvine, California with offices in Dallas and New York.

Rick Weinberg | Public Relations
Real Estate Disposition LLC|
1 Mauchly, Irvine, CA 92618
Direct/Fax: (949) 639-3558 / Mobile: (949) 648-3815


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