Scottsdale, Ariz. – July 14, 2010 – According to a recent article in Financial Planning Magazine, the author touts REO Homes as “the best real estate deal.” Frank Patrick, foreclosure trash out and reo property specialist, recently cited and expounded upon this article in an article of his own. Frank writes about the record number of foreclosures on the horizon, and the amount of REO Homes that this will bring to the market in the coming months.

In the artilcle on http://www.ASREOS.com, called “REO Listings: A Recognized Red-Hot Opportunity,” Frank Patrick explains how REO buyers can generally expect prices that are up to a third less than the previous purchase price. Also, the attractiveness of an REO listing in a time of tight credit and a depressed housing market cannot be denied.

Frank writes, “Since the REO price is usually right, and there’s a good chance that, down the line, the REO buyer will end up making a sizeable profit on the property, there’s no question that the REO home market will continue to be a huge component of the real estate industry for the foreseeable future.”

Frank emphasizes that those interested in making real money in the real estate industry should investigate how to become an REO agent and how to get REO listings. “Training to become an REO agent and learning how to get REO listings will also continue to be a great career choice,” remarked Frank.

The entire article can be found at http://www.asreos.com/articles/reo-listings-a-recognized-red-hot-opportunity.php

Frank Patrick is the founder of The American Society of REO Specialists, or ASREOS. ASREOS is a national trade association founded in 2008 to assist ASREOS members in making contact with banks, lenders, asset management companies and property preservation companies that need competent REO professionals to service their REO properties. ASREOS also enables members to network in a professional and supportive environment and offers ongoing dynamic, cutting-edge REO resources to help members grow their business and their own personal performance in the REO marketplace. ASREOS also provides a comprehensive directory of REO professionals for banks, lenders, asset management companies and property preservation companies.

The online home of ASREOS (http://www.asreos.com), the American Society of REO Specialists, is growing in leaps and bounds to help REO professionals gain a competitive edge and get access to these lucrative listings. ASREOS is the first REO trade association founded by REO experts, and it features advice from top REO agents, access to an exclusive database of over 130 REO sellers, and profiles of its members in an online searchable directory of REO vendors that banks, lenders and asset managers can utilize when looking for local agents to list and sell their REO properties. Find out more at www.ASREOS.com.

About Frank Patrick:

Frank Patrick began his real estate career in 2000 after a 12-year stint in corporate America as a sales manager. As a new real estate agent Frank knew that he wanted to find a niche within the real estate industry. After months of research Frank decided to specialize in REO, an acronym for bank owned foreclosed homes. Frank quickly became one of the top REO agents in the nation averaging over 100 transactions per year for the last 8 years. In 2007 Frank’s production soared to over 214 sales.

In 2004 Frank and his brother Scott Patrick started a property preservation company to offer maintenance and repair services to banks with foreclosed homes. Frank’s solid understanding of the REO industry and Scott’s 20+ years in the construction business was a recipe for success. This year their property preservation business is on track to gross over one million dollars in revenue. Today Frank manages his REO Real Estate Brokerage, REO Renegades an REO agent training business, his trade association The American Society of REO Specialists and is developing a national Franchise Property Preservation company, REO ResQ.

For more information please visit http://www.ASREOS.com

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 new double-dip recession hits later this year, as many economists are predicting, that will mean a new surge of REO homes on the market.

If, 6 or 7 years ago, we happened to be in the middle of a giant housing bubble, it’s pretty clear that bubble has transformed into a huge pit; a huge pit that’s going to be hard to climb out of – with REO agents and brokers will be leading the effort.

And ASREOS (the American Society of REO Specialists), the innovative and exciting trade organization I began a few years ago, is the perfect place for REO newbies and pros to network, swap secrets, and help each other to gain an incredible competitive edge.

Let’s face it – everyone sees the opportunity in selling REO homes. Many, many people want to know how to become an REO agent and how to get REO listings. And there are a lot of so-called “experts” out there training folks who don’t know what they’re doing.

Look, I was in the REO business back in 2000 and worked my way up the chain to become a top REO agent – long before any of this foreclosure madness was even on the horizon. I know the market in and out. That’s why I started ASREOS – to provide informed and effective resources to both beginning and veteran REO agents.

There’s enough REO action out there for everyone and there will be for some time. But for those who take the time to educate themselves about the unique aspects of REO transactions, as well as get the most up-to-date information on an ever-changing marketplace, there will be a higher success rate and a bigger piece of the pie.

That’s why I encourage everyone who is a member of ASREOS to take full advantage of what we have to offer. And if you’re not a member, I invite you to take a look at our website at www.ASREOS.com for more about who we are and what we do.

Numbers and facts don’t lie. And right now, they both agree – REO homes are going to be big business for years to come.

Bank repossessions – the actual foreclosure on a home and conversion to an REO (Real Estate Owned) property – hit a record high in May 2010 for the second month in a row, according to foreclosure experts RealtyTrac. Lenders repossessed a total of 93,777 homes, a 1 percent jump from April and a 44 percent rise from May of last year.

At the same time, new foreclosure activity dropped slightly month-to-month (but was still up from May of last year). Experts, however, see that small decline as a sign that banks are too busy dealing with old foreclosures to begin new ones.

According to Rick Sharga, senior vice president of RealtyTrac, “…the lenders are focusing on processing the delinquent loans they already have rather than initiating new foreclosures. They’re managing inventory to prevent a free fall in home prices.”

Real estate analysts have long expected REO owners to be forced to finally deal with this “shadow inventory” of REO properties, which some estimate to be in the millions. Over 3 million homes are expected to receive foreclosure notices during 2010, up from 2009. In May, Nevada continued to have the highest foreclosure activity and Vermont the lowest of the 50 states.

How will the banks manage this giant backlog of REO homes? Bank of America is reportedly encouraging short sales and other foreclosure alternatives, but that still will not stave off the sheer volume of foreclosures coming through the pipeline.

“It won’t be enough to offset all the loans coming through foreclosure,” says Bob Caruso of Lender Processing Services. “The volume is still coming through so heavily that short sales will only be a small fraction of the loans coming through.”

In addition, the government’s Home Affordable Modification Program (HAMP), which was supposed to help homeowners avoid foreclosure and subsequent conversion to REO properties, has been shown to only postpone the inevitable. That will drive more foreclosures in the coming months. HAMP has also tightened up its criteria, making it more difficult for homeowners to participate, due to the high failure rate of the program to date.

All of the above data continues to confirm that REO listings will continue to be on the rise through throughout the rest of 2010, as well as 2011 and beyond. Almost half of all potential homebuyers are specifically interested in purchasing an REO home because of the value and REO sales are expected to be double what they were last year.

More and more REO professionals will continue to be in demand to handle these specialized property transactions in the months to come. Training to become an REO agent and learning how to get REO listings will be an excellent career choice as another recession currently threatens America in the coming months.

One valuable resource for both experienced and novice REO agents is ASREOS. ASREOS (the American Society of REO Specialists) is the first professional association for REO Agents created by REO professionals and contains numerous tools to maximize REO opportunities and find REO listings – as well as the ability to interface with other REO Agents across the country in an exclusive forum. Find out more about ASREOS and what it has to offer at http://www.asreos.com.

Scottsdale, Ariz. – July 5, 2010 – According to a recent blog post by Frank Patrick, foreclosure trash-out and reo specialist, although the economy seems to be stabilizing somewhat, the REO market continues to grow by leaps and bounds. Frank also describes how a whole new wave of foreclosures are due hit the market at any time.

In the blog on http://www.ASREOS.com, called “Foreclosures: Not Just Subprime Anymore,” Frank Patrick explains how many of the forthcoming foreclosures do not involve the risky subprime mortgages that helped bring about our current economic downturn. Instead, they are more “mainstream” foreclosures caused, in part, by the current unemployment rate.

Frank writes, “Values have gone low enough where first time home buyers are now seeing REO properties as affordable and a good investment. The problem is that these new buyers are worried about the whole process of buying REO homes – mostly the hidden costs that might be involved in buying foreclosures.”

“A lot of this trepidation comes from the actual physical condition of REO homes. That’s why we can’t ignore the importance of completing proper Property Preservation services on these houses to make sure the buyer is happy with the look of the property,” Frank continued. “I believe REO Sellers, brokers and agents all need to work together to educate the public about the REO buying process so that they won’t have these doubts about whether REO purchases are safe.”

The entire blog can be found at http://www.asreos.com/blog/foreclosures-not-just-subprime-anymore.php

Frank Patrick is the founder of The American Society of REO Specialists, or ASREOS. ASREOS is a national trade association founded in 2008 to assist ASREOS members in making contact with banks, lenders, asset management companies and property preservation companies that need competent REO professionals to service their REO properties. ASREOS also enables members to network in a professional and supportive environment and offers ongoing dynamic, cutting-edge REO resources to help members grow their business and their own personal performance in the REO marketplace. ASREOS also provides a comprehensive directory of REO professionals for banks, lenders, asset management companies and property preservation companies.

The online home of ASREOS (http://www.asreos.com), the American Society of REO Specialists, is growing in leaps and bounds to help REO professionals gain a competitive edge and get access to these lucrative listings. ASREOS is the first REO trade association founded by REO experts, and it features advice from top REO agents, access to an exclusive database of over 130 REO sellers, and profiles of its members in an online searchable directory of REO vendors that banks, lenders and asset managers can utilize when looking for local agents to list and sell their REO properties. Find out more at www.ASREOS.com.

About Frank Patrick:

Frank Patrick began his real estate career in 2000 after a 12-year stint in corporate America as a sales manager. As a new real estate agent Frank knew that he wanted to find a niche within the real estate industry. After months of research Frank decided to specialize in REO, an acronym for bank owned foreclosed homes. Frank quickly became one of the top REO agents in the nation averaging over 100 transactions per year for the last 8 years. In 2007 Frank’s production soared to over 214 sales.

In 2004 Frank and his brother Scott Patrick started a property preservation company to offer maintenance and repair services to banks with foreclosed homes. Frank’s solid understanding of the REO industry and Scott’s 20+ years in the construction business was a recipe for success. This year their property preservation business is on track to gross over one million dollars in revenue. Today Frank manages his REO Real Estate Brokerage, REO Renegades an REO agent training business, his trade association The American Society of REO Specialists and is developing a national Franchise Property Preservation company, REO ResQ.

For more information please visit http://www.ASREOS.com

There’s no question that most real estate professionals are desperate for a bounce in both home prices and buying activity. There’s also no question that, with the economy still bogged down by unemployment and tight credit, home loan delinquencies will continue to rise and the shadow inventory of REO homes will continue to dominate the real estate landscape.

As I write in my new article, “REO Listings: New Recession to Spur More REO Properties?”, there really isn’t much of a glimmer of good news anywhere, except in the REO marketplace – where the numbers are more unbelievable than ever. It’s gotten to the point where, as I write in the article, Freddie Mac is hiring REO Agents for the first time in its history!

Freddie’s a little late to the party, to be honest. Many real estate firms are opening REO divisions and searching for qualified REO agents and brokers so they can continue to do business. Every real estate pro knows that REO homes are going to be big business for years to come.

And, again, that’s why I began ASREOS (the American Society of REO Specialists) a few years ago. By offering both veteran and newbie REO professionals top-of-the-line resources from the best REO agents in the business, they get an immediate edge in maximizing the opportunities of the current red hot REO business climate.

As a matter of fact, I have posted on the members-only section of www.ASREOS.com a how-to article on how to get listings from Freddie Mac.

So please, if you are a member, make sure you’re using all the advantages ASREOS is offering you. If you’re not a member and you’re serious about a career in REO sales, consider joining. This is the time to make the move.

Robert Reich, former Secretary of Labor under President Clinton, recently suggested that a new double-dip recession may be on the way. The reason? New employment figures are still dismal, the median wage continues to drop and middle class consumers lack the disposal income to spend.

And there’s plenty of evidence that the housing market will be experiencing an increased amount of REO foreclosures, on top of the already massive number that are already on the market.

Although experts were hoping that foreclosures were finally stabilizing, the April, 2010 numbers were not good. For every home loan situation that’s improving, two are getting worse – with a total of over 7 million distressed loans currently held by banks. Delinquency and foreclosure rates are still higher than last year, and the total foreclosure inventory is still up over 20% year-to-year.

Moreover, the value of foreclosed properties held by US banks hit $41½ billion in the first quarter of 2010, a 12.4% increase from the previous quarter, according to SNL Financial, a data analysis firm. Currently, according to financial firm Morgan Stanley, it would take 47 months to clear the REO homes “shadow inventory” being held by banks. And that does not take into account new foreclosures.

Looking more closely into the future, Capital Economics projects that there will be 5.5 million REO properties on the market by the end of 2011. “To put that in perspective, that’s more than the 4m homes currently up for sale,” said the Capital Economics team. “Without a doubling in demand, a doubling of supply would deter homebuilders from constructing new homes and put more downward pressure on prices.”

Finally, in another sign of the times, Freddie Mac is, for the first time in its history, looking for REO listings agents and brokers. Sharon Barlett, the manager of supplier operations, revealed that more than 350 brokers interviewed for positions in 16 states as well as the District of Columbia. In addition, Freddie Mac also conducted interviews with potential vendors. Listing brokers represent Freddie Mac in its REO property disposition, listing properties for sale and maintaining the houses during the process.

More and more REO professionals will continue to be in demand to handle these specialized property transactions in the months to come, as they have been since the housing bubble first burst a few years ago. Already REO properties are in great demand because of the great value they present to the average homebuyer. Training to become an REO agent and learning how to get REO listings will be an excellent career choice as joblessness continues to plague the country.

One valuable resource for both experienced and novice REO agents is ASREOS. ASREOS (the American Society of REO Specialists) is the first professional association for REO Agents created by REO professionals and contains numerous tools to maximize REO opportunities and find REO listings – as well as the ability to interface with other REO Agents across the country in an exclusive forum. Find out more about ASREOS and what it has to offer at http://www.asreos.com.

And here are some of those not-very-encouraging facts:

• “60 Minutes” on their May 10th broadcast did a story on homeowners prepared to walk away from their mortgages because they owe more than the house is worth.

• On May 11th, J.P. MorganChase warned investors that more and more homeowners are likely to walk away from their mortgages.

• Banks and other mortgage holders are increasingly not paying attention to homeowners who are behind on their mortgages, according to RealtyTrac. They’re falling further and further behind with no chance of catching up.

• At the moment, there are over 6 million mortgages in default or in the final stages of foreclosure – a staggering figure.

• Homeowners who have been successful in modifying their home loans are quickly falling back in default – and the failure rate is expected to be around 50%.

• Now that tax credits for homebuyers have expired, many experts expect to see a double dip in home sales in the last half of the 2010 – which will drive down prices and cause more underwater homeowners.

• Mortgage rates are also expected to rise, now that the Federal Reserve is exiting the home loan market

• More than 2/3rds of all home sales in Orlando, Florida were distressed properties (REO homes and short sales) in April of this year. REO property prices actually rose due to the demand for REO listings.

• The so-called “shadow inventory” of REO homes that have yet to hit the market – an inventory that numbers in the millions – is expected to peak later this year.

• Rental rates continue to fall, indicating continued softness in the real estate market.

• The number of foreclosures held by Fannie Mae nearly doubled in the first quarter of 2010 from 2009. They currently hold over 11 billion dollars worth of single-family home foreclosures.

Unfortunately, the facts definitely do not point to a housing recovery any time soon. If anything, the increasing number of REO homes that will reach the market in the coming months will boost demand for REO properties and drive down all other real estate values.
That means REO homes will continue to be available in abundance, will continue to be seen as the best value to potential homebuyers and will continue to dominate home sales for months and years to come.

Training to become an REO agent and learning how to get REO listings will also continue to be a great career choice.

One valuable resource for both experienced and novice REO agents is ASREOS. ASREOS (the American Society of REO Specialists) is the first professional association for REO Agents created by REO professionals and contains numerous tools to maximize REO opportunities and find REO listings – as well as the ability to interface with other REO Agents across the country in an exclusive forum. Find out more about ASREOS and what it has to offer at http://www.asreos.com.

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 to hit the mortgage industry. And these don’t involve the risky subprime mortgages you’ve heard so much about. These are more mainstream mortgages. The problem now for many American families is, with all the downsizing, bankruptcies and layoffs, unemployment has nearly doubled. Not only that, but many workers have lost overtime pay and been reduced from fulltime to part-time work by the businesses they work for.

And that’s resulting in many more families unable to keep up with their home payments that were on fairly economic ground before. Economy.com estimates that 60% of mortgage defaults this year will be a result of joblessness.

That means more REO listings on the market. And the good news there is that more and more home buyers are interested in buying REO homes.

Values have gone low enough where first time home buyers are now seeing REO properties as affordable and a good investment, as I write about in my article, “REO LISTINGS: MORE PROPERTIES GENERATING MORE SALES.” As I also indicate in that article, the problem is that these new buyers are worried about the whole process of buying REO homes – mostly the hidden costs that might be involved in buying foreclosures.

I believe REO Sellers, brokers and agents all need to work together to educate the public about the REO buying process so that they won’t have these doubts about whether REO purchases are safe. I encourage all the ASREOS members to work towards this end and for everyone in the REO business to be as professional as possible.

A lot of this trepidation comes from the actual physical condition of REO homes. That’s why we can’t ignore the importance of completing proper Property Preservation services on these houses to make sure the buyer is happy with the look of the property. It’s another reason why we started REO RESQ™, the first nationwide franchise of Property Preservation professionals. By training our franchisees in the specifics of securing, repairing and maintaining REO homes, we ensure that standards are kept and the homes are “market-ready.” Please feel free to check out our new website at www.REORESQ.com for more on our services.

And don’t forget to participate in our exclusive members-only forum on www.ASREOS.com, as well as taking advantage of all our other great REO resources. This REO boom will be with us for a few years, so let’s make the most of it. By doing our best to sell REO properties, we help stabilize the housing market in general and aid in America’s economic recovery.

An article in “Financial Planning” magazine entitled “REO de Dinero” makes the case that buying an REO (Real Estate Owned) home is the smart move in today’s housing market. “There are terrific opportunities in REO properties now,” the magazine quotes John Anderson, co-owner of Twin Oaks Realty in Minneapolis and also on the board of the 2010 Federal Housing Policy Chair for the National Association of Realtors.

With another record number of foreclosures occurring in the first quarter of 2010, and another record number expected later this year, due to continuing skyrocketing mortgage delinquencies, the number of REO listings won’t be dwindling any time soon. First American CoreLogic also states that the huge amount of REO shadow inventory will also impact the housing market for years to come. As it is, the known inventory of REO properties broke the record books in March of this year, hitting an all-time peak of 1.1 million.

The above facts will create more and more opportunity for those wanting to know how to become an REO agent and how to get REO listings.

Bob Fornatto, a senior mortgage consultant at Wintrust Mortgage in Downers Grove, Illinois, explained just how big a value an REO home can be. Fornatto discussed a recent REO sale in which a buyer bought a “two-flat” in suburban Chicago. The buyer plans to live in one unit while renting out the other to bring in income. The previous owners paid over $400,000 for the property, but the new owner got it for around $265,000, Fornatto says.

REO buyers can generally expect prices that are up to a third less than the previous purchase price. Another advantage is that REO transactions often close quickly.

“Banks often want to sell their real estate as soon as possible,” according to Mark Rodriquez, an attorney who has handled REO sales. “Buyers should have their loans in place or be ready to make a cash purchase. If you make a bid and then take four to six weeks to get a loan, the bank may have moved on to another buyer by then.”

The attractiveness of an REO listing in a time of tight credit and a depressed housing market can’t be denied. “Financial Planning” cautions would-be REO buyers only about making sure to have the property inspected before making the final deal. In many cases, damage to REO homes that have been sitting vacant may not be immediately apparent.

Still, since the REO price is usually right, and there’s a good chance that, down the line, the REO buyer will end up making a sizeable profit on the property, there’s no question that the REO home market will continue to be a huge component of the real estate industry for the foreseeable future. Training to become an REO agent and learning how to get REO listings will also continue to be a great career choice.

One valuable resource for both experienced and novice REO agents is ASREOS. ASREOS (the American Society of REO Specialists) is the first professional association for REO Agents created by REO professionals and contains numerous tools to maximize REO opportunities and find REO listings – as well as the ability to interface with other REO Agents across the country in an exclusive forum. Find out more about ASREOS and what it has to offer at http://www.asreos.com.

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, a 40 year-old mainstay financial advising resource, in their article, “REO de Dinero” (you can read the 3 page article at http://tinyurl.com/2gyt6j7).

It’s pretty much a no-brainer – you can save up to a third off the price on REO properties, sales close quickly because the REO banks want to unload them off their books as soon as possible and the only thing a buyer really has to be concerned about is making sure that any house damage is minimal.

All real estate analysts are saying the incredible inventory of REO homes – which hit another record-setting peak in March – is going to mean that the REO market is going to be huge for years to come.

Think about it – someone buying a house in this market? They’re going to go for the best deal. And the best deal is an REO home. Which is why, these days, many of the REO properties provoke bidding wars as soon as they go on sale.

A few years ago, when I began ASREOS – the American Society of REO Specialists – I knew that the REO market was set to mushroom. But even I never dreamed that it would take off to this extent. I guess I’m just psychic enough, which is fine with me. You know too much, you get in trouble!

I do know this much, however – if you have any desire to make money in real estate in the coming months and years, you should check out our organization at www.ASREOS.com. We offer resources both for beginners on how to become an REO agent and how to get REO listings – and we also offer resources for the experienced REO pro who wants to keep up with the latest REO news and selling methods.

Having access to our top secret REO sellers list, our members-only forum, advice from top REO agents and your own online profile at ASREOS.com, as well as everything else we have to offer, immediately puts you many steps ahead of the average REO agent or broker.

Let us help you “follow the money” – we’re sure you’ll like the final destination!