Homeowners’ Hard Times Are Good for the Foreclosure Business - NYTimes.com: "Welcome to the spring 2009 Reomac conference, which has attracted nearly 3,000 real estate agents and property managers to this lush desert resort. The crowd brimmed with a gusto that is hard to find in this recessionary era. The hotel bar did more business on Saturday night than it did on New Year’s Eve. Small wonder: These are the people cashing in on the boom in foreclosed properties.
R.E.O. is industry lingo for “Real Estate Owned,” the term that bankers assign to homes they have taken in a foreclosure. Reomac is the industry group that serves the mortgage default trade, specializing in selling the busted-up American dream.
“Things are going tremendously,” said Darren Johnson, an R.E.O. agent from the Detroit area, who has handled about 180 bank property sales in the last year. “It has never been this good.”"
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There are supposedly 700,000 REO properties for sale now. In all of 2006 there were 100,000.
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