More than $28M Spent on Foreclosures at REDC's Weekend Southern California Auctions

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'Auctions helped fuel the local economy'

First-time homeowners and investors walked away with some incredible bargains

Southlanders spent big at this weekend’s REDC’s auction in Los Angeles: $28.3 million was spent as 318 new foreclosures were auctioned before a crowd of more than 1,000 Saturday at Ontario Convention Center and Sunday at Sheraton Los Angeles.

Deals of the Day:

--Big Bear dream cabin at 1298 Luna sold for $194,250 – 66% less than its previous high value of $569K;

--Sweet LA bungalow at 2818 Rimpau sold for $238,875 – 54% less than its previous high value of $625K;

--215 East 68th St Los Angeles, CA 90003 sold for $141,428 – 76% less than its previous high $580K value;

--Gorgeous Twins Peak, CA mountain view property sold for $68,250 – 75% less than its previous high value of $264K;

--6318 Keniston Ave Los Angeles, CA 90043 sold for $209,523 – 67% less than its previous high value of $630K.

“First-time homeowners and investors walked away with some incredible bargains," says REDC CEO Jeff Frieden. "The auctions helped fuel the local economy. 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."

REDC auctions have emerged as a red-hot trend in SoCal and around the U.S. This was REDC’s ninth auction this year in SoCal, where it has auctioned 1135 foreclosures for $105 million. Consumers have purchased houses for as much as 90% off the previous high value and as low as 25% off. This year alone, REDC has auctioned a U.S.- leading 19,550 properties for $810 million and is in the midst of a record 125 auctions in 65 days.

For REDC's next series of auction, visit its web site, http://www.Auction.com.

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Rick Weinberg
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