2010 is The Year of the Foreclosure
Irvine, Calif. (Vocus) June 28, 2010
What will this majestic 9,460 sq ft foreclosed Colorado mansion once valued at $2.45M sell for Sunday at auction? Or this foreclosed 4110 sq ft Castle Rock, CO, mansion once valued at $978K? Or this spectacular mansion with a starting bid of $59K?
Coloradans will be bidding feverishly on these properties – live and online -- as REDC, the nation's leading real estate auction company, rolls into Denver Sunday to auction 40+ new foreclosures at 9:30 a.m. at Denver Marriott West.
Media is welcome. All bidders are available to interview.
REDC auctions have emerged as a red-hot trend in Colorado and the U.S. This is REDC’s second auction in two months in Colorado. On May 16, 83% of Denver area foreclosures sold for $5.1 million. More than $38 million has been spent on Denver area foreclosures this year at REDC auctions.
For the public to see all the properties in Sunday’s auction and to register for the auction, go to REDC's web site, http://www.Auction.com.
"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. There will be great deals at this auction."
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.
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