Sunday, July 13, 2008

REDC auction. Starting bids lowered.

The latest REDC auction is set for August for Southern California, there is a significant decrease in the starting bid prices. The median start bid for combined Los Angeles and Ventura auction was $159,000 for the last auction. The current auction median starting bid is $119,000.

It will be interesting to see if these lowered starting bids get more closed sales by the lenders. Many auction bids are not accepted since the reserve prices aren't met and the lender attempts to sell the home again through other means.

The Los Angeles County auction is set for August 23, 2008 at the LA Convention Center.

The Ventura County auction is set for August 26, 2008 at the Oxnard Performing Arts Center.

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