Property Preservation Specialist, Frank Patrick, Discusses The Third REO Foreclosure Record In Last Five Months

Frank Patrick, REO Foreclosure and Trash Out Specialist, recently discussed how August 2010 was the biggest month for bank REOs ever.

Scottsdale, Ariz. – October 22, 2010 – Frank Patrick, foreclosure trash-out and reo specialist, recently wrote an article discussing how bank foreclosures, instead of finally declining, are instead hitting new heights as we head into the final quarter of the year.

In the article published on, called “REO Listings Update: REO Foreclosures Set Third Record In Last Five Months.” Frank writes, “J.P. Morgan Chase cited the ‘shadow inventory’ of foreclosed properties as a reason for the continued high REO home numbers – and as one of their primary reasons that they believe a housing recovery may not come until possibly 2014.  There already exists over a year’s supply of existing homes for sale, and the number of foreclosures will put even more pressure on real estate prices.”

Frank continues, “At least one in five homeowners owes more on their mortgage than their home is worth –  and more and more of those homeowners think it’s perfectly acceptable to walk away from that mortgage, according to a Pew Research Center survey.   That trend will continue to increase as home prices continue to decrease.”

“All these facts clearly add up to an ever-increasing REO property inventory for all the major banks and lending institutions in the foreseeable future, meaning the demand for REO agents and brokers will still be growing in the next few years,” concluded Frank.

The entire article can be found at

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 (, 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

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

Posted Under: ASREOS, Frank Patrick