THE GOVERNMENT CAN’T SOLVE THE REO FORECLOSURE CRISIS

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 foreclosure, that figure shoots up over 14%.

It’s not that the loan modification programs designed by the Obama Administration aren’t working – it’s just that there’s no way they can keep up with the increasing numbers of unemployed Americans that can’t pay their mortgages. CNBC Real Estate Reporter Diana Olick makes just that point in her excellent piece, “Despite Government Intervention, Foreclosure Crisis Is Not Improving” (you can view it at http://www.cnbc.com/id/34038967?__source=RSS*blog*&par=RSS).

Just as Wall Street was hit by the financial crisis before Main Street, Wall Street is recovering before Main Street. That’s just the way the system works. The recovery will happen, and jobs will come back.

In the meantime, anyone looking for a career or a way to make money should consider training to be an REO agent or starting an REO property preservation company. Again, that’s why I began ASREOS (the American Society of REO Specialists) in 2008 – I saw this REO listings tidal wave coming and knew America would need a heck of a lot more people who knew how to work the REO business.

Instead of focusing all this energy on fighting a losing war against foreclosures, the government and the real estate industry should focus their efforts on making the REO properties process easier and more efficient.

Right now, foreclosures take forever to make it back on the market, and that costs everyone – the REO Seller, the REO agents, would-be homeowners anxious to find an REO bargain and even local municipalities, who must deal with rundown vacant properties that threaten the value and safety of neighborhoods.

Keeping the REO business on track helps keep the economy on track. Training REO agents in how to get REO listings and making it easier for them to do so puts more money in everyone’s pocket.

Let’s not fight a losing battle. Let’s all win by generating more business.

For more about how to get REO training, how to get REO listings, and how to make money selling REO homes, please visit our website at ASREOS.com.