As we know there has been a rise in REOs in real estate comps in the current market. According to PRNewswire, bank foreclosures were up 5% in the second quarter of 2010.  With 269,960 bank repossessions recorded, a new quarterly record was set for bank repossessions, which are up a staggering 38% from the second quarter of 2009. 

The news comes as a good sign for foreclosure investors looking at buying REO or bank owned property.  While the larger foreclosure property market actually decreased 4% during the second quarter, bank foreclosure repossessions mark an area where a surplus of properties is a source of better deals.

With banks now clearing their backlog of foreclosures through repossession, they will soon look to sell them off to regain the capital lost on unpaid mortgages.  Your InvestorCompsOnline access gives you an edge when it comes to researching neighborhoods that these foreclosure are located.  Experts believe this could lead to record low prices on bank foreclosures and bank owned properties for foreclosure buyers.

According to Bank Foreclosures Sale, California led the nation in REO home filings during the second quarter, with over 45,700 currently inventoried throughout the state, especially in areas like Modesto, Los Angeles and Fresno. Florida was close behind with 32,860 REO properties, with hotspots in Fort Myers, Cape Coral and Fort Lauderdale.

Other top states for bank repos and REOs during the second quarter were Michigan, Arizona, Georgia, Illinois and Nevada, all of which are expected to see continued foreclosure growth over the rest of 2010.

Given this above information now is the time to be on the ready and take advantage of the foreclosures that will be coming to market.  The opportunity to build your business lies ahead people!!! Let’s make it happen!!!