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REDC Sees Record Sales In Southern CA Auction

Real Estate Disposition Corp. sold over $217 million in what the company calls a historic five-day Southern California foreclosed home auction event.

The company said nearly 100,000 visited the four open houses, yielding 15,000 registered bidders and over 20,000 auction attendees.

REDC successfully sold over 800 homes, hitting 98% of reconciled market value, the company said, and the sale eclipsed its previous record, set in August 2007, when $150 million in foreclosed homes were sold.

"This was, without question, the largest foreclosed home auction in history," said Jeffrey Frieden, CEO of REDC. "We knew this was going to be a record-breaking auction before we announced it, and our predictions were right on the money ... $217 million to be exact. Real Estate Disposition is the only auction company in America that can pull off an event of this scale with these kinds of results."

The company also has a follow-up sale planned. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/