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) June 12, 2010
Foreclosure auctions have emerged as a red-hot trend as REDC, the nation's leading real estate auction company, returns to the Southeast to help “fuel the local economy” by auctioning 500+ new foreclosures in Georgia, No. Carolina, So. Carolina, Alabama, Mississippi, and Tennessee, including many high-end properties. REDC has already auctioned 1,720 foreclosures this year in the Southeast for $60.3M.
Media is welcome to preview and cover the auctions. The auctions begin Saturday June 12 at 9:30 a.m. at Georgia International Convention Center in Atlanta. On Sunday June 13, there are two live auctions starting at 9:30 a.m.: Charlotte (NC) Convention Center and Sheraton Birmingham (Alabama). Monday June 14, REDC is in Savannah, GA for a 6:30 p.m. auction at Savannah Marriott Riverfront. The public may attend the auctions live or bid online for any property at REDC’s web site, Auction.com.
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. All bidders are available to interview.
“The auctions will fuel the economy in Georgia, No. Carolina, So. Carolina, Mississippi and Tennessee,” 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.”
Best auction deals include:
1818 N Rock Springs Rd Atlanta, GA 30324 – 1982 sq ft, 4 BR previously valued to $440K that has a starting auction bid of $129K;
1002 Quaker Ridge Way Duluth, GA 30097 4 br / 4½ ba / 3,474 sq ft previously valued to $685K that has a starting auction bid of $139K;
945 Renaissance Way Roswell, GA 30076 -- 4 br / 4½ ba / 4,062 sq ft previously valued to $520K that has a starting auction bid of $99K;
1921 Iverson Ln Waxhaw, NC 28173 – 9403 sq ft 14 room mansion previously valued at $2.35M that has astarting auction bid of $499K;
3021 Semmes Ln Indian Trail, NC 28079 – 2389 sq ft previously valued to $226K that has a starting auction bid of $59K;
208 Westcliff Dr Birmingham, AL 35226 – 1821 sq ft previously valued to $217K that has a starting auction bid of $29K;
3977 River Pointe Ln Birmingham, AL 35216 – 1042 sq ft that has a starting auction bid of $29K;
To see all properties, go to REDC's web site, http://www.Auction.com.
REDC has auctioned a U.S.- leading 18,500 properties this year for $777 million and is in the midst of a record 125 auctions in 65 days.
The dismal state of foreclosures in the U.S. and the Southeast 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 auctions have gained tremendous popularity among buyers and sellers in today’s market and now play a major role in property sales in the U.S. REDC has helped transform its industry, making 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| @REDCgroup.com
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