REO Foreclosure Specialist, Frank Patrick, Explains How Foreclosures Will Dominate Through 2013

Frank Patrick, Property Preservation and Trash Out Specialist, recently discussed how high foreclosure rates will continue through 2013, creating many opportunities for REO agents and brokers

Scottsdale, Ariz. – September 14, 2010 – Frank Patrick, foreclosure trash-out and reo specialist, recently wrote an article discussing how the REO agents and brokers should prepare for huge opportunities. Frank explains that Lender Processing Services (LPS), the country’s leading provider of mortgage processing services and the company that most of the largest U.S banks rely on for data, says the boom in REO listings is very far from over…and stated that the foreclosure crisis probably won’t be over until late 2013.

In the article published on, called “REO Listings: Foreclosures Will Dominate Through 2013,” Frank explains how Kyle Lundstedt, managing director of LPS applied analytics, using 15 years of data (from 1996-2010) looked at the housing market bubble and the impact of that bubble bursting.

Frank writes, “He (Lundstedt) also said REO professionals need to be prepared for the massive amount of listings that will continue to come on to the market.  REO homes are some of the most sought-after values in real estate today, both by seasoned investors and first-time home buyers.”

“Besides the current huge number of REO homes on the market, Lundstedt also pointed to the fact that home mortgages that are 90 days or more delinquent, in foreclosure, or already in REO, will continue to rise,” continued 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