REO Listings Trends: Foreclosures
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by: MattCBA
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If you’re interested in training to be an REO agent, now’s a good time to start. REO sales continue to dominate in many states – and even in Southern California, half of all home sales currently are REO homes. In Las Vegas, that percentage is an amazing 67%, according to MDA DataQuick.
Not only that, but foreclosures are beginning to spread into real estate markets that weren’t greatly affected at the beginning of the housing crash. Spikes in REO home listings from last year are reported in places like Boise, Idaho; Provo, Utah; and Salt Lake City, Utah. Foreclosures are up an incredible 98% year-to-year in Chico, California, according to RealtyTrac. Formerly stable areas such as these are now racked by unemployment, causing the skyrocketing of defaults and the increase in REO properties.
“You’re moving from Phoenix to Prescott, you’re moving from Las Vegas to Reno,” commented Rich Sharga, VP of marketing at RealtyTrac. “You are seeing that migration into secondary markets. You’re also seeing a migration into formerly stable areas and areas that have been wracked by unemployment.”
Another prime area REO agents and brokers are looking to get into is commercial property, which is set to become the next large REO stage. The total unpaid balance for delinquent commercial mortgages reached close to $32 billion in September – up an astonishing 583% in just one year. Analysts project commercial delinquencies will grow between 5 and 65 % before the end of the year – and to possibly shoot past 8% in the first half of 2010.
Foreclosures in general are up 23% from last year – indicating an increased supply of REO listings will continue to head towards the real estate marketplace. With REO properties expanding into the commercial area and into smaller, formerly stable communities, it’s clear that in months to come more REO professionals will be required, not fewer.
Helping that effort is ASREOS, the National Association of REO Specialists, which offers all kinds of benefits to its membership, consisting of both REO veterans and beginners to the business. In addition to providing invaluable REO training advice and essential tips on how to get REO listings, ASREOS, run by nationally-known REO expert Frank Patrick, offers its members the ability to post their online profile, searchable by zip code, which can be accessed by REO Sellers. ASREOS also features an exclusive database of financial institutions that control REO listings.
One of ASREOS’ most useful features is a members-only forum that allows REO professionals to trade inside secrets and tips to each other. Find out more by visiting www.ASREOS.com.
About the Author
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
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