Inventory Overflow of Philadelphia Area Foreclosures Means Lower Prices, Better Deals, More Bidders at Monday’s REDC Foreclosure Auction

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Auctions geared to fuel local economy

This is just a handful of some of the great deals people will be getting

The inventory overflow of Philadelphia area foreclosures means lower prices, better deals and more bidders for Monday’s REDC foreclosure auction at Valley Forge Convention Center at 6:30 p.m. Media is welcome.

From all corners of PA, foreclosed properties will be swept up by first-time homebuyers, investors and homebuyers looking to move into a bigger property for a lower mortgage. Media may shoot video/photos of any property. Interviews are available. The auction is Day 3 of a 5-Day, 6-State Northeast auction series featuring 450+ new foreclosures in Boston, New York, Philadelphia, Richmond (VA) and Washington, D.C.

Best Philly area auction opportunities include:

1242 N 55th St Philadelphia, PA 19131 – 1889 sq ft 9 room triplex previously valued to $127,000; starting auction bid $9,000;

27 Abbotsford Dr Marlton, NJ 08053 -- 2189 sq ft house previously valued to $339,000; starting auction bid $139,000;

3124 N 33rd St Philadelphia, PA 19132 -- 1463 sq ft house with a starting auction bid $15,000;

61 E Ln Willingboro, NJ 08046 - 1806 sq ft house previously valued to $216,500; starting auction bid $49,000;

“This is just a handful of some of the great deals people will be getting,” says REDC CEO Jeff Frieden. “Homebuyers and investors will be buying these foreclosures for 50 to 60 cents on the dollar.”

REDC has auctioned 20,500 foreclosures this year for $900 million. More than $50 million has been spent this year on foreclosures in PA and the Northeast live and online.

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 auctions help the local 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.”

More than one million 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

Rick Weinberg | VP, Public Relations
Real Estate Disposition LLC | http://www.AUCTION.com
1 Mauchly, Irvine, CA 92618
Direct/Fax: (949) 639-3558 | Mobile: (949) 648-3815

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