REO Listings Trends: Foreclosures

Commercial REO Property and Secondary Markets Are Definitely Heating UpIf 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 65percent before the end of the year ? and to possibly shoot past 8 percent 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, 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.


REO Listings Trends: Foreclosures

By: Frank Patrick

POST COMMENT

What is love? It sounds like a very easy question. Is it that easy? Same Day Cash Loan: Arrange instant funds for your mid month crisis California Interior Designer Finds Success as a Home Stager From Cents To Thousands Planning A Visit To Bury St. Edmunds - Suffolk Same day cash: Get the immediate funds approval for emergency expenses Billings Poker Tournaments - Poker Hands on Tournaments Waco state Sen. Averitt ends re-election campaign, citing health reason Criminal Minds Seasons 1-4 DVD Spice S707 useful handset Criminal Minds DVD Friendship Or Hatred, Co-equal With Post Divorce Valid Certificates for Your Diamonds-I