A home in Logan’s Cliffside neighborhood is among several high-dollar homes that will be up for auction today in Salt Lake City.The auction takes place at the Hilton Salt Lake City at 6:30 p.m. tonight and will be organized by REDC, the nation’s leading real estate auction company that has already auctioned more than 15,000 foreclosed homes this year for a total of $1 billion, including 462 for $31 million in Phoenix this past week.The Logan home is located at 245 S. 1400 East and is a 6764 square-foot home that is valued at $739,000. It will have a starting bid of $169,000. It’s a seven-bedroom, four-bathroom house.All homes in the auction are available for view at
.Buying houses at REDC auctions has emerged as a red-hot trend since many properties are being purchased for 50%-60% off the previous high value of the house.REDC, which pioneered the foreclosed home auction process for banks and lenders in 1990, has sold more than $5 billion in distressed real estate assets in the last two years. It set 2008 industry records by auctioning 32,799 foreclosed homes for a total purchase price of $3.4 billion.