Seattle, Portland Foreclosure Auctions Reap $6M in One Weekend

A real estate auction company sold 93 properties to the tune of $6 million in Seattle and Portland last weekend.

"2010 is the year of the foreclosure," says Jeff Frieden, the CEO of the company, Real Estate Disposition LLC, referring to the 3 million to 7 million foreclosures hitting the market this year. That's double from 2009. "The market is white hot," Frieden says.

Some $2.5 million was spent in Portland, Ore. The other $3.5 million was wagered in Seattle the following day.