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) July 24, 2010
What will this foreclosed Atlanta area castle once valued at $869,430 sell for at auction on Saturday? Or this 7,860 square foot area mansion once valued at $670,000?
Atlanta homebuyers and investors will be bidding on these mansion – and other half-million-dollar foreclosures -- as REDC, the nation's leading real estate auction company, rolls into Atlanta on Saturday for the first of a huge 4-day, 6-city auction series that features 550+ new foreclosures in Georgia, No. Carolina, So. Carolina, Alabama, Mississippi, and Tennessee.
The auctions are geared to fuel the local economy and turns houses back into homes. This is the 18th auction REDC has conducted this year in Georgia and the Southeast. The last one was mid-June, when it auctioned 733 foreclosures for $20.8 million. More than $60 million has been spent on Georgia and Southeast foreclosures this year.
“Interest in foreclosure auctions – live and online – is skyrocketing in Georgia, the Southeast and across the nation,” says REDC CEO Jeff Frieden. Overall this year, REDC has auctioned more than 20,000 properties for nearly $900 million.
4866 Brownsville Rd Powder Springs, GA 30127 – 7860 sq ft 13 room mansion previously valued at $670,000; starting auction bid $159,000;
92 Chestnut Ridge Dr Dahlonega, GA 30533 -- 5553 sq ft 12 room mansion previously valued at $869,430; starting auction bid $119,000;
3193 Eagle Watch Dr Woodstock, GA 30189 -- 6916 sq ft 12 room mansion previously valued at $470,000; starting auction bid $159,000;
1610 Providence Rd Charlotte, NC 28207 -- 4000 sq ft 12 room mansion previously valued at $1.16 million; starting auction bid $2359,000;
505 E Sixth St #301 Charlotte, NC 28202 -- 1986 sq ft 8 room condo previously valued at $600,000; starting auction bid $149,000;
1009 Sabre Ct Chapel Hill, NC 27516 – 6099 sq ft 12 room house previously valued at $1 million; starting auction bid $239,000;
2723 Squealer Lake Trl Myrtle Beach, SC 29588 -- 4926 sq ft house previously valued at $484,580; starting auction bid $169,000;
1242 Tickton Hall Rd Ridgeland, SC 29936 – 2988 sq ft 5 bedroom house previously valued at $521,000; starting auction bid $89,000;
54 Spivey Ln Swainsboro, GA 30401 – 4600 sq ft 11 room house previously valued at $502,000; starting auction bid $39,000;
1730 Zurich Rd Gatlinburg, TN 37738 – 1002 sq ft house previously valued at $355,000; starting auction bid $19,000;
4528 Harpeth School Rd Franklin, TN 37064 – 5446 sq ft house previously valued at $615,000; starting auction bid $249,000;
– 7860 sq ft house previously valued at $670,000; starting auction bid $159,000;
Foreclosure auctions continue to be a red-hot trend in the Southeast
Media is welcome. All bidders are available to interview. REDC's on-site contact is Trent Ferris 951-265-9284.
Best auction deals include:
7735 White Pt Rd Hollywood, SC 29449 – 1300 sq ft house previously valued to $590K that will have a starting auction bid of $159K;
700 Wilmington Island Rd #t2 Savannah, GA 31410 -- 1998 sq ft house previously valued to $372K that will have a starting auction bid of $19K;
1754 31st St E Savannah, GA 31404 -- 1902 sq ft house that will have a starting auction bid of $1K;
31 Summerfield Ct #124 Hilton Head Island, SC 29926 -- 1429 sq ft house previously valued to $265K that will have a starting auction bid of $29K;
To see all properties, go to REDC's web site, http://www.Auction.com.
The public may attend the auction live or bid online for any property at REDC’s web site, Auction.com.
REDC's online sales are soaring; they comprise nearly a third of the company's sales.
REDC has auctioned a U.S.- leading 18,500 properties this year for $777 million -- including 1,720 foreclosures this year in the Southeast for $60.3M -- and is in the midst of a record 125 auctions in 65 days.
“The auctions will fuel the economy in Georgia, No. Carolina, So. Carolina, Mississippi and Tennessee,” says 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.
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
Direct/Fax: (949) 639-3558 / Mobile: (949) 648-3815
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