REDC Joins the REO Auction Heat Wave

REDC rang in the summer heat last weekend with a 462 foreclosed home auction in Phoenix. The firm, operating under the recently acquired Auction.com domain name, auctioned $31m in homes from June 13 through June 14. “We’re extremely pleased with the success of the foreclosed home auctions we’ve held this year for our banking and lending clients,” says REDC/Auction.com CEO Jeff Frieden. The busy weekend pushed REDC’s share of real estate-owned (REO) auctions so far in 2009 to more than 17,000 foreclosed homes at 110 live auctions for a total sales price of $1.2bn. The company auctioned 32,799 foreclosed homes in 2008 for a total purchase price of $3.4bn. It also conducts online REO auctions as part of its effort to fetch market prices for foreclosed homes as well as get occupants back into the properties. HousingWire takes an in-depth look at REO auctions and their effect on the mortgage industry as well as local communities in the upcoming July magazine issue. Write to Diana Golobay.