In less than four hours this past weekend, REDC’s online foreclosure auction generated 14.9 million in foreclosure real estate sales in Dallas, Houston, and Seattle. The sales activity produced by Auction.com boosted the company’s total sales to more than $2 billion in 2009, REDC said.

Jeff Frieden, CEO of REDC, said, “We’re very pleased with the results from last weekend’s auctions. Our banking and lending clients continue to reduce much of their inventory while maximizing their profits.”

An additional national online auction started Monday, featuring over 1,100 foreclosed properties across the nation. In total, the company has conducted 298 auctions this year, auctioning an industry-high 34,600 properties, including residential, commercial, and builder developer properties.

“Homebuyers are out there looking for the right deal,” Frieden said. “We have been holding live auctions all over the country and they’ve generated extraordinary exposure and have maximized profitability for our bank, lender and institutional clients. We’ve been unable to get to every city as often as we’d like, so Auction.com’s online platform brings the auction to the masses.”

REDC’s first national auction of 2009 took place in August, producing $31.7 million in sales. Encompassing 45 states and 770 assets from many of the country’s biggest lender and banks, thousands of individuals placed bids during this auction. Properties ranged from affordable single family residences to million dollar mansions.

“We created this online platform for serious real estate buyers and investors that will maximize profitability for banks, lenders and other financial institutions in the real estate sector,” Robert Friedman, REDC chairman, said. “We worked on this platform for more than two years to replicate online our best-in-class live auction process to ensure maximum success for banks, lenders and other financial institutions. This is the finest online bidding site that has been built to date for the average homebuyer all the way up to the serious real estate investor.”

Friedman explained that Auction.com provides a benefit to lenders by offering an open real estate trading platform where the market determines the best and highest value of real estate that is sold. This, Friedman said, will give banks and lender maximum profitability, making Auction.com the cultural barometer for online real estate transactions.

Irvine, California-based REDC was launched in 1990 and has the goal of connecting banks and lenders with consumers. The company says their worldwide presence has changed the face of internet real estate transactions, boasting millions of unique users worldwide. REDC has auctioned more than 50,000 foreclosed houses for more than $6 billion since the start of the foreclosure crisis, and recently launched its default solutions division.