REDC Sells 600+ Foreclosed Homes for $57 Million in Chicago and Las Vegas, Boosting Year-End Numbers Toward Record-Shattering $3 Billion

Families seeking a dream home and investors looking for rock-bottom pricing capitalize on auction opportunities.

Irvine, Calif. -- November 25, 2008 –Real Estate Disposition, LLC (REDC), the nation’s largest real estate auction company, sold 634 homes for $56.6 million during its just-completed auctions in Chicago and Las Vegas November 22-23.

That brings REDC’s 2008 production to 17, 088 foreclosed homes sold for $2.68 billion, tripling the numbers from 2007 when REDC sold 4,103 foreclosed homes for $920 million.
“Consumers walked away with incredible deals [in Chicago and Las Vegas],” says Jeffrey Frieden, CEO of REDC, the first real estate auction company in history to hit the $1 billion mark in sales in one year.

“The foreclosed home auction real estate market is simply red hot right now,” he adds. “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.”
REDC’s next auction is in New York December 3. To see the homes that will be auctioned, visit www.auction.com.

With the enormous number of foreclosed homes available nationwide, the banks and lenders who own them are pulling out all the stops to get the properties off the books and back into private hands. And they are turning to REDC to sell these homes at rock-bottom auction prices.

“Auctions play a major role in today’s real estate sales with ever-increasing numbers as financial institutions make auctions a preferred sales method,” says REDC Chairman Robert Friedman. “We offer a great opportunity for people to take advantage of finding their dream home in today’s real estate market while interest rates are still very low. We have financing right at the event with down payments as low as 5%. If people looking to take advantage of today’s market, we encourage them to view the homes at our website, attend the open house, pre-qualify for free through our national lenders and attend the auctions.

 “REDC auctions are very popular because the auction is the only way to buy real estate where the pricing starts at the bottom and works it way up,” he adds. “The auction is a buying alternative where you can set your own price rather than negotiating down from a seller’s unrealistic asking price. We continue to see amazing deals at our auctions.”

About REDC
REDC was established in 1990 and is the leading Real Estate Auction Marketing firm in the country. REDC and its affiliates operate from its 60,000 square-foot national headquarters in Irvine, California, with additional offices and more than 350 full-time employees throughout the United States. For more information, visit www.auction.com

CONTACT:
Rick Weinberg
Public Relations Manager
direct: (949) 639-3558
cell: (949) 648-3815
RickW@redcgroup.com