Frank Patrick, REO Foreclosure and Trash Out Specialist, recently weighed in on how bank repossessions hit a new high for the second month in a row.

Scottsdale, Ariz. – August 26, 2010 – Frank Patrick, foreclosure trash-out and reo specialist, recently wrote an article discussing how foreclosure experts from RealtyTrac report that bank repossessions (the actual foreclosure on a home and conversion to an Real Estate Owned property) have hit another record high in May of 2010.  This record has now been set two months in a row.  According to 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.

In the article published on http://www.ASREOS.com, called “REO Listings: Another Record in New REO Properties,” Frank explains that “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.”

Frank writes, “All of the 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,” continued Frank.

The entire article can be found at http://www.asreos.com/articles/reo-listings-another-record-in-new-reo-properties.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