Business Briefs

Foreclosure auction moves 71 properties in N.C.

Posted October 26, 2009 4:27 p.m. EDT

Buyers claimed 71 properties from foreclosure in auctions held over the weekend in Raleigh and Charlotte. The combined audience of bidders numbered more than 1,100.

The event, held by, was part of a 5-day, 10-city Southeast tour. In all, expects to sell more than 500 homes.

Buyers in North Carolina spent $4.2 million to purchase the properties. CEO Jeff Frieden touted the auctions as a contributor to the economy. "When puts 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 fuels the economy," he said.

"We're proud to be one of the few companies in the country today that is actually fueling the economy."