Seattle, Portland Foreclosure Auctions Reap $6M in One 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.
According to Rick Weinberg, a publicist at REDC, the Portland/Seattle area has been very strong this year. "We have had 13 auctions this year with Northwest properties, making over $69 million in sales."
And REDC has done well across the U.S. this year, having auctioned a U.S.-leading 20,550 properties for $880 million. They are in the midst of 125 auctions in 65 days. While many prefer to attend the auctions to purchase in person, online auctioning is growing in popularity. REDC's online auction activity has nearly doubled over the last year.
"We're pleased with the results from the auctions," says Frieden. "First-time homeowners and investors walked away with some incredible bargains. The auction was also a big boost to the local economy. 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 we put a family into a home, they're 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."
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find foreclosures in Seattle, WA.
Find foreclosures in Portland, OR.
Get property tax help from our experts.
Want to learn more about home buying and home finance? If so, you won't want to miss
our online discussion with industry experts,
"What Works Now: Smart Moves When Buying a Home,"
created by AOL Real Estate in participation with Bank of America Home Loans.