REDC Auctions $31.7m of Foreclosures Online

Auction.com, the domain name purchased by Real Estate Disposition (REDC), generated $31.7m in foreclosure sales in an online auction campaign. The auction offered 770 assets in 45 states and saw traffic from thousands of online bidders from August 3 through August 23. The properties auctioned ranged from million-dollar mansions to smaller single-family houses. “This was our most aggressive foray into auctions on a national level, and it was a tremendous success,” said REDC/Auction.com CEO Jeff Frieden. The next monthly auction, to be held from September 21 through September 26, features foreclosures in more than 40 states. REDC has auctioned $1.3bn of assets so far in 2009. Write to Diana Golobay.