Texans Spend $18.4 Million on Foreclosed Properties at REDC Auctions

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Auction Sales Fueling Texas Economy

Online real estate auctions are the wave of the future

Texans spent $18.4 million on foreclosed properties at REDC's Texas auction series held this week in Dallas, Houston and San Antonio. 321 foreclosures were auctioned in all.

Best Auction Deals include:

9843 Fm 1861 Eustace, TX 75124 -- 12,800 sq ft, 24 room, 10 BR mansion sold for $330,750 -- 75% less than its previous high value (PHV) $1.4M

3333 Allen Pkwy #2208 Houston, TX 77019 – 3119 sq ft property sold for $630,000 -- 47% less than its PHV $1.187M;

1615 Red Cloud Dr Dallas, TX 75217 sold for $45,000 -- 74% less than its PHV $167,960;

6017 Darlinghurst Dr Houston, TX 77085 sold for $26,000 -- 77% less than its PHV $111,720;

767 Utopia San Antonio, TX 78223 sold for $35,000 -- 71% less than its PHV $119,700;

Media may shoot video/photos of any property and interview winning bidders.

Here is a breakdown of the four auctions:

Houston -- 120 foreclosures auctioned for total sales price of $7.8M;
San Antonio/McAllen -- 83 foreclosures auctioned for total sales price of $4.2M;
Dallas -- 83 foreclosures auctioned for total sales price of $4.9M;
Forth Worth -- 35 foreclosures auctioned for total sales price of $1.5M;

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

$68 million has been spent on foreclosures at 25 REDC auctions this year in Texas – online and at live auctions.

This year, REDC has auctioned a U.S.- leading 20,550 properties for $880 million and is in the midst of a record 125 auctions in 65 days.
Another hot trend is the hundreds of Texas foreclosures that have been purchased online through REDC's web site, Auction.com. REDC’s online auction activity has nearly doubled over the last year.

“Online real estate auctions are the wave of the future,” says REDC Chairman Rob Friedman. “Online auctions make it very simple for the seller and the buyer to do a transaction; it just makes life easier for everybody involved. People have embraced our online auctions because they’re simple to use and simple, fun and exciting and they are getting good deals.”

Rick Weinberg | Public Relations

Real Estate Disposition LLC | http://www.AUCTION.com
1 Mauchly, Irvine, CA 92618
Email: RickW(at)redcgroup(dot)com
Direct/Fax: (949) 639-3558 | Mobile: (949) 648-3815

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