Seattle movers take advantage of auctioned properties

Foreclosures continue to dominate the homebuying market, with auctioneers handing out dozens of discounted properties in the Northwest.

The Seattle and Portland areas have seen a particularly large amount of foreclosure sales, with auction company Real Estate Disposition reporting $6 million in sales in just one weekend, according to AOL Real Estate. Buyers purchased 93 properties between July 10 and July 11, including about $2.5 million worth of homes in Portland and $3.5 million in Seattle.

That tops off a banner year for REDC, which brought in $69 million in home sales from 13 auctions in just the Pacific Northwest, said publicist Rick Weinberg. Nationally, the company has sold over 20,000 properties for $880 million. REDC expects that 3 million to 7 million foreclosures will hit the market this year, said the report.

"2010 is the year of the foreclosure," REDC CEO Jeff Frieden told AOL. "The market is white hot ... First-time homeowners and investors walked away with some incredible bargains."

Even amid slow downs in the overall housing market, foreclosure auctions represent an opportunity for families to move into a new home at substantially lower prices.


More News