Atlanta auction brings in $5.9 million in home sales

Hundreds of homeowners will move to Atlanta as the result of a recent foreclosure auction.

Real Estate Disposition reported that more than 125 homes were sold at an auction July 24, netting about $5.9 million in sales. That makes about $70 million worth of foreclosed homes that were sold at discounted prices this year, reported REDC. The company held several other auctions on the same day, selling over 550 properties throughout Georgia, the Carolinas, Alabama, Tennessee, and Mississippi.

In Atlanta, one home sold for just $18,000, which was 93 percent less than its previous high value of $210,900, according to REDC. Putting homeowners in foreclosed properties is one way to help boost local economies, said the company's CEO Jeff Frieden. "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."

Those Atlanta buyers can simplify the moving process by renting portable storage units that will drive their belongings to their new home.


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