Article Directory :: Politics & Government Articles REO Listings: 2011 Foreclosure Forecast Predicts Two Million More REOs By Frank Patrick Republish: EasyPublish™ Published: 27Dec2010 Word count: 437 Viewed: 453 time(s) Get Free Content For Your Site Federal Reserve Governor Reveals REO Projections to Congress As 2010 comes to a close, the Federal Reserve has revealed that it expects approximately 4.25 million more foreclosure filings in the next two years, with two million plus expected in 2011 as well as in 2012, similar to the record amount of foreclosures that occurred during this year. Elizabeth Duke, the Reserve Governor, reported these projections to a congressional subcommittee in late November. She also reported that about five million mortgages are currently 90 days past due or more. The pace of both foreclosures and REO sales has slowed in the final quarter of 2010, due to uncertainty over lenders' problematic processing of foreclosures. REO buyers have been reluctant to invest in distressed properties until these legal troubles have been resolved. "Financial institutions face a number of risks if inadequate controls result in faulty foreclosure documents or failure to follow legal procedures," Duke said. "We are gathering information to ensure that the institutions we supervise have adequately assessed these risks and have accounted for them properly." In addition, Fannie Mae and Freddie Mac, as well as other lenders, have suspended foreclosures through the end of the year due to the holidays as is the yearly tradition. However, with a current REO inventory of around two million homes as well as the more than four million that are expected to come through the pipeline in the months to come, there is little doubt that 2011 will see a renewed boom both in foreclosures and in REO sales, due to continuing economic pressures - as experts see little chance of a housing recovery unless REO properties are promptly processed and sold. "In the end, an overhang of homes awaiting foreclosure is unhealthy for the housing market and can delay its recovery, as well as that of the broader economy," added Duke, indicating that the Federal government will continue to push for a swift solution so foreclosures and the REO marketplace can get back up to speed. Foreclosure investor Rich Meyer told The Miami Herald that he expects a sharp spike in REO activity in early 2010. "There's a backlog of future filings," Meyer said. "Once the litigation is settled, it's going to be a wave." To illustrate how overwhelmed the system has been by the sheer number of mortgages gone bad, the average amount of time a homeowner is late with loan payments before facing foreclosure is 492 days or around 16 months. All experts agree - REO homes will continue to be a dominate force in real estate sales for years to come. Frank Patrick is the founder of ASREOS (the American Society of REO Specialists), the first professional association for REO Agents created by REO professionals and contains numerous resources and tools to maximize REO opportunities and find REO listings - as well as the ability to interface with other REO Agents across the country in an exclusive forum. Find out more at http://www.asreos.com EasyPublish™ this article - publishers click here More articles by Frank Patrick

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