The auctions help the economy
Irvine, CA (Vocus) June 28, 2010
Foreclosed auctions are the hottest trend in the housing industry as REDC, the national leader in foreclosed home auctions, rolls into NYC Sunday for Day 2 of its five-day auction series featuring 300+ new foreclosures in Massachusetts, New York, Philadelphia, Washington D.C. and surrounding areas.
The NYC auction begins at 9:30 a.m. Sunday at Sheraton New York. Media is welcome. All bidders are available to interview before, during and after the auction, which is “geared to help fuel the local and national economy," says REDC CEO Jeff Frieden. More than 1,500 people have pre-registered online for the upcoming Northeast auctions.
REDC has auctioned 19,500 foreclosures this year for $800 million. Nearly $50 million has been spent this year on foreclosures in New York and the Northeast live and online.
Best NY area auction deals Sunday include:
781 4th Ave Bayshore, NY 11706 – 2000 sq ft house previously valued to $180K that will have a starting auction bid of $39K;
153 Tree Ave Central Islip, NY 11524 -- 1700 sq ft house previously valued to $392K that will have a starting auction bid of $25K;
40 Totten St Hempstead, NY 11550 -- 1419 sq ft house previously valued to $330K that will have a starting auction bid of $25K;
765 Bronx River Rd #6c Yonkers, NY 10708 -- 732 sq ft, previously valued to $140K that will have a starting auction bid of $25K;
To see all properties, go to REDC's web site, http://www.Auction.com. The public may register for the auction online at Auction.com.
The auction series opened Saturday in Boston. Following the NYC auction, the schedule is Monday at Radisson Valley Forge (PA) at 6:30 p.m., Tuesday at Richmond (Va.) Convention Center at 6:30 p.m. and Wed. at Renaissance Washington DC at 6:30 p.m.
“The auctions help the economy,” Frieden says. “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.”
Millions of foreclosures are hitting the market this year; in response to the crisis, REDC ramped up its operations to auction bank-owned residential homes and condos, land, 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. REDC auctions have emerged as a hot new trend in home buying and investing, whether it's residential, commercial real estate or notes.
About REDC 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.
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