REO Foreclosure Specialist, Frank Patrick, Explains How Stopping Foreclosures Will Threaten Housing Recovery
Frank Patrick, Property Preservation and Trash Out Specialist, recently discussed how economic experts are decrying the push to freeze foreclosures, claiming that it will damper the housing recovery
Scottsdale, Ariz. – November 8, 2010 – Frank Patrick, foreclosure trash-out and reo specialist, recently wrote an article discussing how REO sales have become an increasingly important sector of the real estate market, especially in states that have been hardest hit by the housing crisis, and how any attempt to slow down the foreclosure process could imperil the beginnings of a fragile housing recovery.
In the article published on http://www.ASREOS.com, called “REO Listings: Stopping Foreclosures Will Threaten Housing Recovery.” Frank explains, “Some numbers in August pointed to the possible start of such a recovery; sales of previously-owned homes increased for the second month in a row. Now, because of some paperwork irregularities by overwhelmed REO sellers and election-year posturing, some legislators have called for a halt to all foreclosures.”
“Economists and real estate experts are mostly in agreement on what the effect of that action would be,” Frank writes. Mortgage consultant Mark Hanson says, “It will have an immediate negative impact on house sales volume, house prices, private label MBS investors, bank earnings, mortgage servicing values, and much more.”
Frank later writes, “Fortunately, there is already a huge inventory of REO listings of over half a million REO homes that already need to be sold. And no matter what the outcome of the current foreclosure debate is, there is also no question that the pending foreclosures are inevitable and bound to keep an extremely active REO market booming.”
The entire article can be found at http://www.asreos.com/articles/reo-listings-stopping-foreclosures-will-threaten-housing-recovery.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