$25-Million Auction: Real Estate Disposition Corp. in...

$25-Million Auction: Real Estate Disposition Corp. in Santa Ana says it has been retained by two of Orange County’s largest independent financial institutions to auction more than $25 million worth of commercial and residential properties that have been acquired in loan foreclosures in recent months.

REDC Vice President Jim Lewis said officials of the two institutions will not allow him to reveal their names because of concerns that current and potential customers will think their participation in an auction means they’re in financial trouble.

In all, he said, more than 60 Southern California properties, including single-family homes, apartment buildings, retail centers, office buildings and raw land, will be on the block in the Aug. 23 auction, to be held at the Irvine Hyatt Regency.

Auction brochures are expected to be available Monday at REDC’s offices and can be ordered by calling the company at (800) 266-4444.