[mikejr]

I'll chime in with my fellow Realtors. I've been specializing in REO work since before it was cool. This year was best year on record for gross commissions. Our units were down a bit from last year, but we are selling more high end REO properties. So we've been insulated from the downturn for the most part. Nationally REO inventories are down despite what the media is telling you. Everyone is saying this winter the REO inventories will open back up again to normal levels. From what I see and in talking with my clients from all over the nation, REO inventories are down 40% to 50% from normal. Once Obama's band aids fall off, all hell will break loose.

We've got an entire staff devoted to REO work, like you said you need to be a CPA to keep up with the billing etc. Its not for everyone but if you can get the systems in place and the staff to handle the work, you can do quite well.