REDC conducts the live and online auctions for bankers and other lenders, selling commercial and residential properties throughout the US. The $47.4 million weekly total included 625 foreclosed properties, while the $462 million for the year includes 7,902 properties.

REDC's CEO, Jeff Frieden, points out that the auction inventory includes foreclosed homes, commercial properties and commercial notes and is enabling the lenders to continue to reduce much of their inventory. He notes that the auctions "generate thousands upon thousands of registered bidders, open-house visitors and web visitors." REDC expects a more active second quarter, he adds.

Included in REDC's auctions last week was a bulk sale of 149 properties from one lender that generated $16.6 million in sales. Live weekend auctions in Boston and Philadelphia included 173 properties from a variety of lenders that generated $13 million in sales. An online Texas auction featuring 120 properties, also from multiple lenders, generated sales of $10.3million as 95% of the properties were sold.

REDC, which posts its auction calendar on Auction.com, says that it expects the number of visitors to continue to grow during the remainder of the year and through next year as it is in the midst of conducting 125 auctions in 70 days. This year's auction results follow record years in 2009 and 2008 for the company, which auctioned more than 60,000 properties for a total purchase price of $6.1 billion.