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 incredible number of REOs on the market – there is currently an estimated 3 year supply already on hand – it’s time for REO sellers, agents and brokers to think beyond the simple discounted price of these properties as the primary sales tool and find other ways to make their REO listings stand out in the marketplace for a faster sell.  Let’s face it – the competition is going to be tough.

Certainly one proven way to spike REO sales is by contracting for a higher level of property preservation and doing renovations to REO homes.  For normal homebuyers who are looking for a good value, looking at a rehabbed REO home, as opposed to one they would have to renovate themselves, can make all the difference.

A study by Field Asset Services shows that renovated REOs spend only 69 days on the market, as opposed to 222 days for minimally maintained REO properties.  That’s a five month difference – an eternity in real estate and a big motivator for any REO seller.

That means high-grade property preservation should be big business this year.   Check out our sister site at www.REOResQ.com to find out more about how to get into the lucrative foreclosure trash out business and, of course, please stop by www.ASREOS.com regularly to find out the latest on the big REO listings boom.

Here’s hoping your 2011 will be a successful one.

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 approve of this transaction.

And that’s where the catch comes into play, as I detail in my new article, “Why Are Lenders Denying Short Sales?”. Many lenders are denying short sale deals – and then, in many cases, are putting these properties back on the market for a lower amount than what was offered by the potential short sale buyer, who has long since vanished from the scene.

So why would a lender nix a short sale – and then go through the expense of foreclosure and converting the home to an REO property, just to end up trying to sell it for less?

According to the article I cited from “The Boston Globe” from December of last year, the lenders are concerned about “flopping” fraud, in which an artificially low property value is put on a home.  The home is then sold to an investor, who immediately turns around and sells it for more.   The lenders complain they are losing over $300 million a year – and this kind of fraud plagues one in 53 short sales.

There’s an old saying about being penny-wise and pound-foolish, and I think this is the case here.  The lenders seem to be admitting that 52 out of 53 times, the short sale is an honest transaction, a transaction that would seem to benefit both homeowner and mortgage holder.

In a climate where the banks are stuck with hundreds of billions of dollars worth of REO properties, that should be worth something.   The housing market is still stuck deep in the hole.  Let’s keep the short sales going to help dig it out.

On that note, I hope you’ll stay in touch with the latest news at www.ASREOS.com, where we will continue to work hard to help REO agents both new and experienced find the best opportunities in the New Year.

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 – and the huge percentage of it that REOs now occupy – have thrived.  With my experience in REO listings (which predates the housing crash), I was in a fortunate and unique place to take advantage of this massive shift, which gave me more opportunities that I had time to explore, many of them multi-million dollar opportunities.

I’ve also been fortunate enough to be able to share my valuable experience and expertise with those who either needed to adjust from conventional real estate agent transactions or those needing a new career due to the recession.  It’s why I began ASREOS, the American Society for REO Specialists, in order to help everyone in the REO community learn and grow along with the developing REO market.

As I write in my new article, “More Americans Interested in Buying REO Properties,” experts are using words like “tidal wave” to describe what’s going to happen with foreclosures in 2011.  That means millions more REO properties that are going to need expert hands to market and sell.

Changes will be coming fast and furious next year, so I urge you, if you haven’t already, to join our ever-growing membership at ASREOS to keep up to date with the incredible opportunities that will continue to come our way.   Visit us at www.ASREOS.com to find out more.

In the meantime, have a wonderful holiday season with your loved ones.  My best to you and yours.

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 be concerned whether the foreclosures in question might be overturned.

But the end of this temporary REO slowdown is near.  As I noted in my new article, “2011 Foreclosure Forecast Predicts Two Million More REOs,” Elizabeth Duke, Governor of the Federal Reserve, is projecting over two million more foreclosures both for 2011 and for 2012.

That means that, one way or the other, the foreclosure delays will have to be dealt with – and done away with.

There are simply too many homes already out there – and too many homes about to come on the REO market – for the process to be halted for long.  Duke and the overwhelming majority of economists and real estate professionals realize how disastrous that would be for the housing market and the overall economy.

Common sense dictates that the roadblocks will have to be removed soon – letting loose a new giant wave of REO activity that will be swamping us all.   So rest up now, all you REO pros, and get ready for a new year with a whole new start.

And don’t forget to check in regularly at www.ASREOS.com to get the latest news and swap the latest inside information with other ASREOS members.

What?  You’re not an ASREOS member yet?  Then you should be!  Both veteran and newbie REO professionals will find a lot of value at ASREOS (which stands for the American Society of REO Specialists, by the way), including important inside info on how to get REO listings and how to become a top-producing REO agent.

In the meantime, have a great holiday season – and an incredibly profitable 2011!

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, that the overwhelmingly majority of homeowners facing these foreclosures were, in fact, unable to pay their mortgages.   And with REOs continuing to make up more and more of the nation’s real estate sales, it was dangerous to stop processing them and getting them to market.

As I noted in my new article, “REO Foreclosures Continue at Record Rate,” it looks very good at the moment I write this that the 50 states are close to a deal with the major mortgage lenders to settle this matter.  A fund will be set up to help homeowners who may have been wrongly treated, as it should be, and other steps will be taken to make sure these problems don’t reoccur.

That will allow everyone to breathe a sigh of relief.  The housing marketing is still weak and needs all the help it can get.  Pulling the rug out from 30% to 60% of the home sales, which is what REOs currently account for in most American cities, could have plunged us all right back into some very serious economic trouble.

The record-setting pace of new REO properties, then, will continue virtually without interruption, giving more opportunities to both experienced REO brokers as well as anyone who wants to become an REO agent.

We, of course, welcome both veteran and newbie REO professionals at ASREOS (the American Society of REO Specialists).  The incredible resources we offer at our site at www.ASREOS.com can help you gain an awesome competitive edge, no matter what your level of experience is.

The REO scare is over – so let’s all get back to work!

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, we saw double digit increases in bank repossessions in the third quarter of this year.

That means the banks’ REO inventory will continue to rise – it’s already at a shocking 7 and a half million REO homes that are worth a total of hundreds of billions of dollars.   Fitch Ratings just estimated it will take at least 40 months to process all these REO properties, get them to market and sell them.

That’s why training to become an REO agent is still an amazing opportunity for anyone needing a new career.  There are so many REO listings that need to be handled (and cleaned by the way; check out our sister site at www.REOResQ.com for more about that great opportunity), and there are going to be so many more in the coming months that REO agents and brokers are going to continuously be in high demand.

The trick is REO sellers want people who know what they’re doing. And that’s why I founded ASREOS (the American Society of REO Specialists) a few years ago.  With over ten years of experience as a top national REO agent and coach, I wanted to put together the first REO professional association run by people who knew the REO business inside out.

We do a lot to help anyone who wants to become an REO agent and learn how to get REO listings.  In recent weeks, for example, Freddie Mac announced they were looking for REO pros to help handle their backlog – so we posted valuable information on how to catch Freddie’s eye at our ASREOS members-only site.

Members also get access to our top secret REO Sellers list, a monthly call from me, a free online professional profile, and an exclusive members-only forum where the latest info (as well as profitable tips and tricks) is exchanged.

I know many people feel frustrated with the bleak economic outlook at the moment.  During the recent election, one poll said that one out of five voters said they knew someone directly affected by the dire jobs situation.  But we will rise above this moment.

And again, there could be a great opportunity for you or someone you know at www.ASREOS.com or www.REOResQ.com.  I hope you’ll check them out.

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 this many foreclosures – it stands to reason there would be some paperwork screw-ups.  Those need to be addressed, obviously.

But just as obviously, those REO properties need to be processed and sold for a housing recovery to happen.  And a housing recovery is essential to an overall economic recovery.

Take a look at the most recent statistics (which you can read more about in my recent article, “Foreclosures Account for Half of all Home Sales.” According to a survey of 3,000 real estate agents, distressed properties are accounting for 47% of the housing market

• The major banks are currently hold hundreds of billions of dollars worth of homes in foreclosure, in the foreclosure process, or where the mortgage payments are 30 days or more overdue

• Foreclosures hit another record monthly total of over 100,000 homes in September.

Numbers like that don’t lie – they tell the tale of an incredible phenomenon unprecedented since the Great Depression.  When half of the real estate market is dependent on these homes continuing to be processed and put on the block, then no one can take a chance on cutting off the supply.

And that’s why no one will.

If you’re interested in becoming an REO agent or how to get REO listings if you already are an agent, please stop by at our site at www.ASREOS.com.   We have a lot of incredible resources for anyone interested in this lucrative market.

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 when the perfect REO storm really has hit hard.  Combine the “shadow inventory” of hundreds of thousands of off-the-book foreclosures finally seeing the light of day with a whole new giant wave of foreclosures because of lingering unemployment, and you end up with the kind of huge REO numbers that are impossible to deal with.

Yes, that created some paperwork problems.  But the fact is that the overwhelming number of foreclosures are valid.  If we stop them from progressing, the entire real estate market will face another horrible setback.  And if you don’t believe me, listen to the experts I quote in my new article, “Stopping Foreclosures Will Threaten Housing Recovery.”

Don’t get me wrong, the banks with REO properties should review their paperwork and process foreclosures correctly; shortcuts that could end up punishing innocent homeowners aren’t good for anyone.   But neither is halting all foreclosures to make sure every single “i” is dotted and every “t” is crossed.

There are still plenty of REO properties on the market for all of us REO agents and brokers to handle; the last estimate was an inventory of over a half a million REO homes.    And that’s why making sure all foreclosures are processed in a timely way is so important – REO sales are currently accounting for anywhere from a quarter to over half of all real estate sales, depending on what state we’re talking about.

Again, the foreclosures themselves are inevitable; to quote one of the experts in my article, “Instead of having a ton of mortgage borrowers who haven’t made any payments in at least a year, we would have a ton who haven’t made a payment in a year-and-half.”

Most experts think the housing recovery isn’t coming until early 2014 at the earliest.  Let’s not delay it any further.

If you’re interested in becoming an REO agent or how to get REO listings if you already are an agent, please stop by at our site at www.ASREOS.com.   We have a lot of incredible resources for anyone interested in this lucrative marke

That’s right; August was the third month, out of the last five months, to set a new all-time record (since records have been kept, at least) for recorded bank REO repossessions.  I say “recorded,” because many experts have long noted the discrepancy between the number of homes that were thought to have been foreclosures and those that have been actually officially listed.

As I’ve written before, many of these homes were not processed until now just because of the sheer overload of foreclosures during the past few years.  These numbers have been unprecedented in recent decades and they may have changed the housing landscape forever; in other words, the REO industry’s recent high profile is going to stay high for quite some time.

With this shadow inventory finally seeing daylight, it’s going to mean, believe it or not, even more activity for all REO agents, brokers and other REO pros.  Even if the rate of mortgage defaults begins to slow down, the huge shadow inventory, according to some real estate experts, will mean an ever-increasing REO supply and a lack of recovery in the real estate market through 2014.

So all you members of ASREOS (the American Society of REO Specialists), remember to take full advantage of everything we have to offer that gives you the competitive edge you need to succeed in this incredibly hot REO market.  The opportunities are going to be even more numerous than ever in the next few months.

If you aren’t already an ASREOS member, please stop by at our site at www.ASREOS.com if you’re interested in becoming an REO agent or how to get REO listings if you already are an agent.   We have a lot of incredible resources for anyone interested in this lucrative market.

Instead of shrinking, the number of REO properties is actually growing and growing – with no end in sight.  With the economic recovery stalled, mortgage defaults are on the rise – and the bulk of the shadow inventory of REO homes the banks already have on their books has yet to reach the market.

Phoenix is a good example of how REO sales dominance is increasing.  REO properties accounted for roughly a third of all home sales for the three months prior to July.  In July, that percentage shot up to 43%.   Foreclosure filings in the city also increased 19% that same month.

All this points to the fact that the REO opportunity, incredibly enough, is going to be bigger than ever in the coming months and even years.  And all of us in the industry want to be able to take full advantage of that opportunity – as well as help this country through this housing crisis by getting these homes sold and stabilizing the real estate market.

Whether you’re already an REO pro, or want to know how to become an REO agent and how to get REO listings, I’m proud to say that my REO trade association, ASREOS (American Society of REO Specialists), is an incredible resource for anyone interested in getting the best possible competitive edge in this very lucrative real estate niche.

Not only are you given access to our top secret REO Seller list, but you also get to participate in our Members-Only Forum – where REO insiders swap exclusive tips and where you can get answers to your questions about the REO market.

There are also exclusive interviews with the country’s top REO agents and you can also post your professional profile, searchable by zip code, so you can be found by REO Sellers looking for reputable REO agents in your area.

This is the only REO trade association run by REO pros – so I invite you to stop by our  website at www.ASREOS.com to find out more about what we’re all about and what have to offer.