Frank Patrick, Property Preservation and REO Specialist, recently discussed the 2011 REO projections revealed to congress by the Federal Reserve Governor.

Scottsdale, Ariz. – January 7, 2011 – Frank Patrick, foreclosure trash-out and reo specialist, recently wrote an article explaining the recent report by the Federal Reserve that laid out it’s 2011 predictions for foreclosure filings.  The report stated that the Federal Reserve expects approximately 4.25 million more foreclosure filings in the next two years, with two million plus expected in 2011 as well as in 2012, similar to the record amount of foreclosures that occurred during this year.

In the article published on http://www.ASREOS.com, called “REO Listings: 2011 Foreclosure Forecast Predicts Two Million More REOs,” Frank explains, “The pace of both foreclosures and REO sales has slowed in the final quarter of 2010, due to uncertainty over lenders’ problematic processing of foreclosures.  REO buyers have been reluctant to invest in distressed properties until these legal troubles have been resolved.”

“A current REO inventory of around two million homes as well as the more than four million that are expected to come through the pipeline in the months to come, there is little doubt that 2011 will see a renewed boom both in foreclosures and in REO sales, due to continuing economic pressures – as experts see little chance of a housing recovery unless REO properties are promptly processed and sold,” Frank continued.

The entire article can be found at http://www.asreos.com/articles/reo-listings-2011-foreclosure-forecast-predicts-two-million-more-reos.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