Foreclosure Trash-Out Specialist, Frank Patrick, Explains How REO Homes and Distressed Housing Continue To Surge
Frank Patrick, Property Preservation and REO Specialist, recently discussed how the demand for qualified REO professionals to handle REO properties will continue to build.
Scottsdale, Ariz. – November 4, 2010 – Frank Patrick, foreclosure trash-out and reo specialist, recently wrote an article discussing how foreclosures now account for half of all home sales. More than 3000 real estate agents surveyed nationwide were asked what’s really going on with today’s housing market – and, according to them, distressed home sales, including REO properties, made up over 47% of the total market in September of this year, up from August.
In the article published on http://www.ASREOS.com, called “REO Listings: Foreclosures Account For Half of All Home Sales.” Frank explains, “REO sales will continue to make up a large part of real estate activity as, despite recent controversies over how banks and mortgage lenders were handling foreclosures, a nationwide moratorium on them now seems out of the question.”
“There are also simply too many REO homes in the pipeline to ignore,” writes Frank Patrick. “Three of the biggest banks, JPMorgan Chase, Wells Fargo and Bank of America, each reported they had more than $20 billion in single-family mortgages either already converted to REO properties or in foreclosure. JPMorgan Chase has the largest volume of REO homes with $21.7 billion. It also has $43.4 billion in mortgages past due. Bank of America has $20.3 billion in REOs, and $54.6 billion in past-due mortgages. And there are billions more in REO properties out there with the smaller banks, such as Citibank with $6.3 billion in foreclosures and $19.2 billion in past-due mortgages. With hundreds of billions of dollars worth of potential REO listings still to come, the demand for qualified REO professionals to handle those properties will continue to build,” Frank continued.
The entire article can be found at http://www.asreos.com/articles/reo-listings-foreclosures-account-for-half-of-all-home-sales.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