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FREDDIE MAC 'AMERICAN DREAM' AUCTION A SELLOUT

 FREDDIE MAC 'AMERICAN DREAM' AUCTION A SELLOUT
 LOS ANGELES, July 28 /PRNewswire/ -- The Federal Home Loan


Mortgage Corp. (Freddie Mac), sold all 213 residences offered during its two-day "American Dream" auction this past weekend for total sales of $27.3 million, according to Santa Monica, Calif.-based Kennedy-Wilson Inc., the auction-marketing firm conducting the sale.
 An estimated 5,000 people crowded the Los Angeles Convention Center Saturday to spend a total of $19.5 million for 158 homes at an average price of $123,108. Another 800 people bid on 55 homes Sunday at the Westin South Coast Plaza Hotel in Costa Mesa, Calif. for total sales of $7.8 million at an average price of $142,036. The properties are located throughout Southern California in seven counties from Bakersfield to San Diego.
 Scheduled to close its Los Angeles REO office at the end of this month, Freddie Mac made the decision to auction most of its remaining real estate-owned (REO) inventory rather than managing the assets long-distance after the REO division moves to Dallas later this summer, according to Dave E. Posley, regional manager for Freddie Mac's single-family REO operations.
 Kennedy-Wilson, a leader in the field of real estate auction- marketing, has sold in excess of $2 billion of residential, resort, and commercial real estate since its founding in 1977. Last year, the firm's auction sales totaled approximately $800 million. Kennedy-Wilson has 16 offices in the United States and the United Kingdom.
 -0- 7/28/92
 /CONTACT: Leslie Manabe, 310-314-8400, of Kennedy-Wilson; or Holly Kinyon of Casey & Sayre, 310-457-3676, for Kennedy-Wilson/ CO: The Federal Home Loan Mortgage Corp., Kennedy-Wilson Inc. ST: California IN: SU: RLE


JB-KJ -- LA027 -- 4198 07/28/92 15:20 EDT
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Date:Jul 28, 1992
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