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Frank Patrick’s ASREOS Blog: Selling REOs In 2011
Monday, January 31st, 2011
The final REO tally is in for 2010 – and you can get the final numbers in my new article, “2010’s Record-Breaking Year.”
The title alone, however, will tell you that we just had yet another year in which the number of foreclosures once again shattered previous records. And it looks like 2011 will continue the trend, according to the experts at RealtyTrac.com.
With the …
Frank Patrick’s ASREOS Blog: Long Term Solutions For Short Sales
Tuesday, January 25th, 2011
The foreclosure wave continues unabated – as a matter of fact, we’re expecting to see another spike this year in REO properties.
One of the solutions for homeowners looking for a graceful exit from a property they can no longer afford is a short sale. That involves selling their home for less than the value of the mortgage of the property. Obviously, the lender needs to …
Frank Patrick’s ASREOS Blog: The New Year And The New REO Opportunity
Tuesday, December 28th, 2010
The foreclosure moratorium is over, the lenders are in the final stages of straightening out their documentation problems and the slowdown we experienced over the last two months is over.
2011 will likely be the biggest year in history for those of us who specialize in listing and selling REO’s. And 2010 was already an incredible year.
Agents who have adapted to this changing real estate market …
ASREOS Blog: Looking Forward To 2011
Thursday, December 23rd, 2010
The end of 2010 has been difficult for REO professionals. But the light is shining blindingly bright at the end of this tunnel.
Foreclosures have been delayed because of the “robo-signing” scandal in which legal filings were processed by lending servicing companies without the necessary care or proper paperwork. That put a damper on those wanting to buy REO homes, as they had no choice but to …
ASREOS Blog: REO Sales Moving Forward
Monday, November 22nd, 2010
The REO scare is over.
Many people were positive a freeze on foreclosures was imminent last month when it was discovered that the major banks, in an effort to deal with the mind-boggling number of mortgage defaults they had on their hands, were processing paperwork like they were cooking Big Macs at McDonalds. Fast foreclosures instead of fast food.
The point was made over and over, however, …
ASREOS Blog: The REO Inventory Grows – And So Does The Business Opportunity
Friday, November 5th, 2010
As we all know, there aren’t a whole lot of growth opportunities in America at the moment. Unemployment is high and prospects overall are low.
Except when it comes to the REO industry.
Unfortunately, foreclosures continue to spike. Because of the bad economy, it’s no longer just subprime mortgages that are defaulting – prime mortgages are also now in trouble. In cities like Philadelphia, Seattle and Chicago, …
ASREOS Blog: The Huge REO Numbers Rule Out A Foreclosure Moratorium
Monday, November 1st, 2010
It’s a question I’ve asked before – how do you stop an avalanche? Or a tidal wave?
There are those who recently called for a foreclosure moratorium because of problems in the process. The very reason behind those problems is the reason a moratorium is practically out of the question; there are way too many REO properties out there.
The banks have never had to deal with …
ASREOS Blog: REO Sales Vital To Housing Recovery
Thursday, October 28th, 2010
For months – even years – it’s been clear; the big banks and mortgage companies have been overwhelmed by the number of foreclosures they’ve had to process since the housing crisis hit.
You can’t really blame them; the REO numbers have been unprecedented – foreclosure and REO sales records have been set, broken, reset and rebroken on both a yearly and monthly basis.
2010 is the year …
ASREOS Blog: The Shadow Inventory Helps Break The Record For Number of New REO Homes
Friday, October 22nd, 2010
It’s easy to see the effect of the so-called “shadow inventory” of REO homes that has been lurking in the background for a year or two now. You only have to read the title of my new article, “REO Foreclosures Set Third Record in Last Five Months,” to get the drift.
That’s right; August was the third month, out of the last five months, to …
ASREOS Blog: The REO Wave Shows No Sign of Stopping
Friday, August 27th, 2010
Many real estate experts, a year or so ago, thought the avalanche of REO listings would be starting to slow down by now. Well, the title of my recent article, “REO Listings: Foreclosures Will Dominate Through 2013,” says it all – the trend is going the exact opposite way.
Instead of shrinking, the number of REO properties is actually growing and growing – with …
ASREOS Blog: Fannie Mae Points The Way
Sunday, August 8th, 2010
The explosive upsurge in REO inventory has even mortgage giant Fannie Mae concerned. If you’ve read my new article, “More REO Agents and Brokers Needed by Fannie Mae,” you read the amazing quote from the person in charge of Fannie’s REO agent network, Chris Tiller.
Tiller, talking about the minimal requirements needed to hook up with Fannie Mae, said, “You pretty much need to be …
ASREOS Blog: REO Properties – The Career For Now, The Investment For The Future
Wednesday, July 28th, 2010
There’s been a lot of controversy in Washington D.C. (that’s a surprise, right?) over extending unemployment benefits to those who have been jobless for a long period of time – a lot of partisan battling that finally led to that extension being passed.
I won’t take sides here on that issue – but I will say that, if anyone needs a career at …
ASREOS Blog: REO Properties – The Heavyweight Contender
Wednesday, July 14th, 2010
In my new article, “Real Estate Decline Means REO Upswing,”, I quote a real estate expert who describes the current housing market as “like a fat man who can’t get up.”
Well, the REO market, in contrast, is not only on its feet, but it’s also hungry for more. And, over the past five months, it’s also comprised just shy of a third of …
Wednesday, July 14th, 2010
REO sales are expected to be double what they were last year – and even higher in 2011.
45% of potential homebuyers have interest in specifically buying an REO home – because they know they can get an amazing deal.
New foreclosures, however, are slowing down – but only because the banks and asset managers are too busy trying to cope with the old foreclosures.
And, if a …
ASREOS Blog: Is The Economic Recovery In The Same Sinking Ship As The Housing Recovery?
Saturday, July 3rd, 2010
The Dow’s back below 10,000 as I write these words. The BP oil spill will cost states that border on the Gulf of Mexico tens of billions of dollars. The only new jobs that are being created are being created by the government – and they’re only temporary census jobs. The weak recovery that the U.S. economy has mounted is already in …
Foreclosures: Not Just Subprime Anymore
Wednesday, June 9th, 2010
As I’ve noted before, although the economy seems to be stabilizing a little bit, the REO market continues to grow by leaps and bounds.
Foreclosures that were being postponed due to waiting on the new President’s plans for dealing with delinquent mortgages are now being processed – but there’s a huge backlog to deal with.
On top of that, there’s a whole new wave of foreclosures about …
Thursday, June 3rd, 2010
There’s a famous saying – you want to get to the bottom of something? You “follow the money.”
If you follow the money in the real estate market for the next few years, it’s obvious that REO homes are going to continue to be seen as a huge value and a hot seller. It was gratifying to see it acknowledged in “Financial Planning” magazine, …
Faster REO Sales, Faster Recovery
Friday, April 30th, 2010
On Friday, April 2nd, HUD changed the definition of what a foreclosure is – by classifying any property that is at least 60 days behind on the mortgage or the property owner is 90 days or more delinquent on tax payments as a foreclosed home.
This is going to speed up the time that REO homes will reach the market – and streamline the process. …
NO STOPPING THE RUSH OF REO LISTINGS
Thursday, April 22nd, 2010
You can’t stop an avalanche. That’s pretty much common sense. There’s too much stuff coming down the mountain at once. How could you stop it?
You can’t stop a tsunami. A giant wave that’s as tall as a ten story building? Good luck.
Another thing none of us can stop? The overwhelming number of REO properties that will continue to be …
HOW TO GET REO LISTINGS: PROFESSIONALISM PAYS OFF
Monday, March 8th, 2010
As I’ve said over and over again in the past months, the REO industry is riding a record-breaking wave with no end in sight. Millions of homes have yet to be listed as REO properties, while mortgage defaults continue to skyrocket – signaling that many, many more foreclosures are on the way. Loan modification programs haven’t worked – and the continuing high jobless …
2010’s INCREDIBLE POTENTIAL FOR REO AGENTS
Monday, December 21st, 2009
There’s no question about it – for an REO veteran like myself, the last couple of years have been amazing and revolutionary. What was a small niche of the real estate market has become a domineering force – and I was lucky enough to specialize in this field long before that transition. That meant while many people were anxiously trying to learn …
HOW TO BECOME AN REO AGENT: PROFESSIONALISM COUNTS!
Monday, December 7th, 2009
Many people are anxious to get in on the current lucrative REO home sale industry. With foreclosures breaking records again this year – and on track to do so again in 2010 – it’s clear that this is the one sector of the economy everyone can count on to perform.
While everyone is anxious to be a part of a money-making business …
THE GOVERNMENT CAN’T SOLVE THE REO FORECLOSURE CRISIS
Wednesday, November 18th, 2009
Once again, the new mortgage delinquency figures are in – and once again, they’re record-breaking. Close to 10% of all Americans are past due on their house payments – in a close correlation to the over 10% unemployment being suffered by Americans. Not only that, but, if you add together the amount of mortgage delinquencies together with the amount of homes in REO …
THE EXPANDING WORLD OF REO LISTINGS
Tuesday, November 10th, 2009
The demand for REO homes continues to increase – and so do the areas that they are beginning to pop up in.
We’re all familiar with Las Vegas, Orlando, Sacramento and Phoenix being “hotspots” of foreclosure activity – but now that scenario is shifting into more formerly stable housing communities such as Provo and Salt Lake City in Utah; Boise, Idaho and Chico, California which saw …
Wednesday, August 26th, 2009
As I noted in my new “REO Listings Trends” article, REO homes have transitioned from being a glut on the market to becoming hot properties.
Yes, believe it or not, we’re back into an overheated housing market – this one dominated by REO listings! The combination of prices dropping by anywhere from 30 to 60% in recent months and the beginnings …
TIME TO STREAMLINE THE REO LISTINGS PROCESS
Wednesday, July 29th, 2009
Foreclosures continue to break all records – with a million and a half homeowners in America facing the process in the first half of 2009. And predictions for the rest of the year are that more potential REO listings will enter the pipeline because of the increasing unemployment rate. One leading expert has deduced that the housing market may not hit bottom until 2013. …
Wednesday, July 1st, 2009
TLC, the suddenly hot cable channel that brought you “Jon & Kate Plus 8,” is now airing “Stager Invasion,” about a home staging expert helping couples desperate to sell their houses accomplish a home makeover in 8 hours – for less than a thousand dollars.
Yes, when the inability to sell a home is suddenly packaged as reality TV entertainment for America, we …
FORECLOSURES: THE REAL NUMBERS FOR REO PROS
Tuesday, June 23rd, 2009
Some quick updates on the housing market.
First, RealtyTrac, a foreclosure sale site, recently put out their numbers for May, showing that foreclosure filings fell 6 percent from April. But the real story is that REO foreclosures are up 18 percent from last year.
Not only that, but foreclosures in May numbered over 300,000 – they were the third highest ever – and …
FORECLOSURES OF THE FORMERLY RICH BUT STILL FAMOUS
Wednesday, June 3rd, 2009
Average Joes like me sometimes think celebrities exist in a different world than the rest of us – so they don’t get affected by mundane everyday events like recessions and foreclosures.
Well, Forbes magazine recently set me straight on that – by publishing an article on the top Celebrity Foreclosures (you can view the article at http://www.forbes.com/2009/06/02/gotti-canseco-dykstra-foreclosures-business-celebrities.html).
Now, most of these aren’t what …
ASREOS: PROVIDING THE INSIDE TRACK TO REO SUCCESS
Friday, April 10th, 2009
REO Listings are once again on the rise. Why? After a lull in foreclosures, lenders have now determined which homes will be eligible for some mortgage relief under President Obama’s policies – and which ones won’t. In the latter category will be second homes, vacant homes and those owned by real estate speculators. REO sellers are eager to foreclose on the properties that aren’t …
THE REO BOOM: IT’S NOT JUST ABOUT LISTINGS
Thursday, February 19th, 2009
With a record number of REO home sales expected in 2009 – and after over twelve billion dollars recorded in REO closings in 2008 – it’s clear that REOs continue to be the most attractive and thriving segment of the real estate market.
Whether you’re already an REO vendor or just someone who wants to start getting a piece of the REO pie, keep …
WHY IT’S RIGHT TO SELL REO LISTINGS
Wednesday, February 4th, 2009
All of us in the REO business are pretty busy nowadays. With foreclosures making up almost one in five of all real estate transactions last year (and over half of all sales in such hard-hit areas as Stockton, California), and another large wave of mortgage defaults predicted by experts, it’s clear that the number of REO listings aren’t going to start shrinking soon.
But …
WHY THE REO MARKET HASN’T PEAKED YET!
Monday, December 22nd, 2008
I started specializing in REO (Real Estate Owned, i.e. foreclosed) property sales long before the current foreclosure boom – but all that experience didn’t prepare me for the record-setting REO numbers in 2008. Suddenly, my profitable small real estate niche was dominating the headlines – and the housing market!
The first wave of massive foreclosures was widely blamed on bad subprime loans – mortgages given …
