World economic recession and current meltdown hit every sector of business. As a sign of the recent troubled economic times is going to be on display 29 March as Real Estate Disposition Corp. (REDC) auctions off over 350 foreclosed homes. The deal will be held at an event at the Minneapolis Convention Center and starts at 9:30 a.m. The auction includes a 17-room, four-bedroom, 5,656-square-foot mansion in Cedar. It will have a starting bid of $299,000. In another deal, an eight-bedroom, 3,372-square-foot mansion in St. Paul, and it will have a starting bid of $149,000.
CEO of Irvine, Calif.-based REDC, Jeff Frieden, said his company is the “silver lining” of the foreclosure crisis. In a press release he said “While it’s troubling that people have lost their homes through foreclosure, many others are realizing their dream of owning a home through our auctions.” The company conducted a record 300 auctions last year, auctioning more than 32,800 homes. After coming in operation in 1990, REDC has sold around $5 billion of real estate assets. Among the amount last year it sold $3.4 billion.
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