The third weekend in November proved to be a busy one for Real Estate Disposition, LLC (REDC), during which the company generated $55 million from auction activity in New York City, Las Vegas,Reno, and a national online auction.

The financial outcome of these auctions boosted REDC’s 2009 total sales to more than $2 billion.

“We’re very pleased with the results from the weekend’s auctions,” said Jeff Frieden, CEO of REDC. “Many first-time homeowners and investors walked away with incredible bargains. Many people had winning bids on properties that were more than 50 percent less than the house’s previous high value.”

Featuring residential properties from across the nation, the national online auction generated $33.6 million in sales. In the first luxury high-rise resident auction in New York City history, bids were received on all 54 residences resulting in 21 contracts and over $17 million in sales.

In the Las Vegas-Reno auction, 49 of 56 properties were sold for a total of $5 million.

“Our national online auction was very successful,” Frieden said. “Homebuyers are out there looking for the right deal. We have been holding live auctions all over the country and they’ve generated extraordinary sales and produced great deals for homebuyers and investors. We’ve been unable to get to every city as often as we’d like, so REDC’s online platform, Auction.com, brings the auction to the masses.”

REDC, established in 1990 and headquartered in Irvine, California, has auctioned 35,900 properties through 302 auctions this year. Properties include foreclosed houses as well as commercial and builder-developer properties. According to the company, REDC has auctioned more than 65,000 real estate properties for more than $6 billion since the start of the foreclosure crisis.

“Auctions are a big boost to the economy,” Frieden said. “When a house sits vacant, everyone loses. When we put a family into a home, they’re paying a mortgage, property taxes, gas, electric, and water bill, and they’re hiring landscapers, painters, and electricians – all of which fuel the economy.”

According to Frieden, REDC provides an open real estate trading platform where the market determines the best and highest value of real estate that is sold. By connecting banks and lenders with consumers, REDC aims to help banks elevate their inventory of foreclosed houses.