REDC recently announced the results of a bi-coastal REO auction tour in two states that have been the hardest hit by foreclosure and the housing crisis – Florida and California. The company said “thousands of prospective buyers” attended its dual East and West Coast auction series throughout Florida and Northern California, resulting in sales of $165.2 million in foreclosed real estate.

During REDC's six-event campaign in Florida, it sold 506 properties totaling $60 million. The average property sales price was $118k, executing at 91 percent of market value. Simultaneously in Northern California, the company sold 708 properties for a total of $105.2 million. The average sales price of $148k for this region reached 96 percent market value.

REDC's auction sales include on-site financing and document execution, making the process more effective for potential buyers. Since May of 2007, the company has sold over $3 billion in real estate assets, and it currently boasts an 85 percent closing rate on properties purchased at true fair market value, the company said.

This month, the company will also hold auctions in Washington, D.C., Maryland, Virginia, and Dallas, Texas. In November, REDC auctions are set for Southern California, Arizona, Minnesota, Las Vegas, and Chicago.