SOMERSET, N.J., - The Resolution Trust Corp. said it received an "overwhelming response" to auctions of residential and commercial properties in New York and New Jersey on July 16 and 17.

Mark Glannon, auction coordinator at the RTC's metropolitan New York and New Jersey sales center in Somerset, N.J., said 69 of the 78 properties offered were sold for a total of $12,086,500, or 96% of broker opinion and 65.1% of appraised value.

"A few participants came away with real bargains, but generally the bidding process helped to establish the true market value of the properties offered," said Mr. Glannon.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.