The Irvine, California-based REO property auctioneer firm Real Estate Disposition Corporation (REDC) auctioned 1,301 foreclosed Southern California homes for nearly $130 million during a seven-city tour across the region.

REDC CEO Jeff Frieden said, “Our auctions play a major role in today’s real estate sales with ever-increasing numbers as financial institutions make auctions a preferred sales method.”

REDC completed sales in the following cities:

Jan. 17

Los Angeles Convention Center

306 properties

$41.5 million

Jan. 20

Palm Springs Convention Center

111 properties

$7.8 million

Jan. 21

Oxnard Performing Arts Center

32 properties

$5.2 million

Jan. 24

Ontario Convention Center

405 properties

$25.8 million

Jan. 25

Anaheim Marriott

241 properties

$28.7 million

Jan. 26

Bakersfield Rabobank Arena

82 properties

$4.5 million

Jan. 28

San Diego Convention Center

124 properties

$16.2 million

 

Frieden said, “Consumers walked away with some incredible deals. Many people were able to buy the home of their dreams, sometimes at a discount of up to 40 to 50 percent of the home’s value. We’re elated to be in a position to give home buyers opportunities like this.”

Last year was a record year for REDC, where it sold 32,799 homes for a total purchase price of $3.4 billion during 301 auctions.

Frieden said, “The banks and lenders who own these foreclosed homes are very motivated to sell these properties; you won’t find more motivated sellers. When you combine that with today’s low prices and low interest rates, what you have is a ‘perfect storm’ for home buyers to buy homes.”

Austin Kilgore | 02.04.09 www.dsnews.com