Atlanta Homebuyers Spend $5.9 Million At Foreclosure Auction

Sunday, July 25, 2010
Atlanta house previously valued at $210,900 sold for $18,000 at foreclosure auction on Saturday
Atlanta house previously valued at $210,900 sold for $18,000 at foreclosure auction on Saturday

The millions of dollars spent this year on Atlanta area foreclosed properties grew by $5.9 million on Saturday as REDC, the nation's leading real estate auction company, auctioned 128 foreclosures before a crowd of 335 at Georgia International Convention Center.

Atlanta homebuyers have spent nearly $70 million on local area foreclosures this year at REDC auctions.

Saturday’s auction was the first of a four-day, six-city REDC auction series that features 550+ new foreclosures in Georgia, North Carolina, South Carolina, Alabama, Mississippi and Tennessee.

Deals of the Day:

1506 Sw Dodson Dr Atlanta, GA 30311 sold for $18,000 – 92% less than its previous high value $210,900;

8 Iron Bound Pl Atlanta, GA 30318 sold for $78,750 – 53% less than its previous high value $166,000;

2123 Wisteria Way Ne Atlanta, GA 30317 sold for $168,000 – 57% less than its previous high value $385,000;

1232 Winsley Ct Marietta, GA 30064 sold for $107,625 – 42% less than its previous high value $183,750;

"We're very pleased with the results from the auction,” said REDC CEO Jeff Frieden. “First-time homeowners and investors walked away with some incredible bargains. The auction was a big boost to the local economy. After all, when a house sits vacant, no one is paying a mortgage, property taxes, nor gas, electric and water bills -- all of which hurts the local and national economy. But when REDC turns a foreclosure back into a home, a new family is paying a mortgage, property taxes, gas, electric and water bills, and they're creating jobs by hiring landscapers, painters and electricians - all of which fuels the economy."

Here is the remainder of the Southeast auction schedule:

July 25, Charlotte Convention Center, 9:30 a.m.
July 26, Raleigh's Holiday Inn Brownstone, 6:30 p.m.
July 26, Knoxville Convention Center, 6:30 p.m.
July 27, Hyatt Regency Savannah (GA), 6:30 p.m.
July 27, Renaissiance Nashville, 6:30 p.m.

The auctions are geared to fuel the local economy and turns houses back into homes, officials said.

Saturday was the 18th auction REDC has conducted this year in Georgia and the Southeast.

“Interest in foreclosure auctions – live and online – is skyrocketing in Georgia, the Southeast and across the nation,” said Mr. Frieden.

Overall this year, REDC has auctioned more than 20,000 properties for nearly $900 million.

The dismal state of foreclosures in the U.S. and the Southeast is staggering, he said. The State Foreclosure Prevention Working Group, which is made up of state banking regulators and attorneys general, released a report that says,
"Despite efforts of servicers, homeowners, and the government, the foreclosure crisis continues to worsen. These signs point to more foreclosures in 2010 than in 2009."

In response to the millions of foreclosures hitting the market, REDC ramped up operations to auction bank-owned residential homes and condos, commercial buildings and notes in more than 47 states, both in live auctions and online.


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