National REO Brokers Association

06/16/2026

We just had a new article published on Inman News on why real estate agents need to start paying attention to short sales again.

“WHY REAL ESTATE AGENTS NEED TO KNOW ABOUT SHORT SALES AGAIN”

The article is good, and certainly worth reading, but if I’m being honest, I really wish I had more space to go into more detail. There is just so much more happening.

I've been speaking and training on REO, foreclosure, and short sales all over the country for almost 25 years, and I've spent the last several months really digging through delinquency reports, foreclosure data, equity reports, insurance trends, FHA performance numbers and just about every other housing statistic I can get my hands on.

What I'm seeing seriously concerns me.

No, this isn't 2008.

But anyone telling you everything is fine because homeowners have trillions of dollars in equity is only telling part of the story.

There are millions of homeowners who bought in the last few years with very little down. Insurance costs have exploded. Property taxes are up. Credit card debt is up. Student loan payments are back. Monthly budgets are getting squeezed.

Delinquency numbers have already increased faster than anyone expected.

The reality is there are a lot more homeowners in trouble than most people realize.

The article touches on some of that, but there is a lot more beneath the surface.

For those who know me, you know I've spent almost my entire career in the default real estate business. I've personally been involved in more than 25,000 default-related transactions and have watched multiple market cycles unfold.

One thing I've learned is that the agents and offices who prepare before the market changes are the ones who benefit from it. The agents who wait until everyone else is talking about it are already behind.

That's why I do free webinars sharing the actual market data, foreclosure trends, delinquency numbers, short sale opportunities and where I believe this market is headed over the next several years.

Read the article. Please share it if you find it valuable. And if you want the deeper numbers and the data behind what I'm talking about, keep an eye out for one of our upcoming webinars.

This market is changing. The question is whether agents will see it coming before it arrives in their backyard.

This kind of data and insight will be life altering for so many agents and their careers.

Even more so for brokerages that fail to identify and adapt to this new market.







The next few years will reward agents who are comfortable navigating complexity, particularly for the segment of buyers who stretched to enter the market.

06/12/2026

THE MAY FORECLOSURE NUMBERS ARE IN!

THE DISTRESS CYCLE ISN'T COMING... IT'S ALREADY HERE.

ATTOM's latest foreclosure report showed May foreclosure activity was down slightly from April. Some will look at that and conclude the market is stabilizing - I see it differently.

There has always been a slight seasonal slowdown in foreclosure filings as we move into the summer months, and it is not necessarily a reflection of market conditions.

Historically, many lenders, servicers, law firms, courts, and asset management companies begin operating with reduced staffing levels due to vacation schedules, which naturally slows the flow of paperwork, approvals, referrals, and new assignments. We see this almost every year.

In fact, July has traditionally been one of the slowest months of the year for new REO assignments. That doesn't mean the market is improving. It simply means the operational pipeline tends to move a little slower during the summer.

When you look beyond normal seasonal fluctuations, the larger trend remains unchanged. Foreclosure activity continues to run well ahead of last year's levels, with foreclosure starts remaining elevated, and distressed property activity continues to build. The cycle is still moving in the same direction as it has been for the past several months.

Foreclosure starts are up.

REO activity is up.

Foreclosure filings continue to trend higher year-over-year.

That's the story.

Seasonal fluctuations happen every year. A small monthly decline isn't unusual. What matters is the longer-term trend, and that trend has now been pointing in the same direction for many months.

We've been talking about this inside the NRBA membership for quite some time. Rising insurance costs, property taxes, HOA fees, affordability issues, loan modification failures, payment shocks, and growing consumer debt are creating financial pressure on homeowners across the country.

The result?

More distressed inventory - Not just REO -Not just foreclosures.

Short sales.
Coordinated sales.
Pre-foreclosure opportunities.
Loss mitigation solutions.

The professionals who understand distressed property today will have a significant advantage over the next several years.

That means many of tomorrow's foreclosure files can become today's short sale or coordinated sale opportunity.

Leading states in foreclosure starts in May 2026 were Texas (3,590 foreclosure starts); followed by Florida (3,315 foreclosure starts); California (2,530 foreclosure starts); Georgia (1,161 foreclosure starts); and Illinois (1,150 foreclosure starts).

Additionally, 1,848,000 properties are now past due but not yet in foreclosure. With 577,000 of them already being “seriously delinquent” and now headed towards foreclosure.

The market is changing.

The question is - who the winners and losers will be?

The winners will be the agents and brokers who recognize it and learn how to profit from it – ahead of everyone else.

06/10/2026

WHY LEADING ASSET MANAGERS CONTINUE TO CHOOSE THE NRBA

For nearly 28 years, the National REO Brokers Association has been setting the standard for REO asset management excellence.

While many organizations focus on membership growth, we've focused on something far more important: quality, experience, accountability, and results.

NRBA membership is reserved only for highly experienced REO professionals who undergo one of the industry's most rigorous vetting processes.

Our members aren't learning the business - they've already proven they can manage complex portfolios, high-volume assignments, challenging markets, occupancy issues, evictions, litigation concerns, preservation challenges, valuation disputes, and everything else that comes with managing distressed assets.

But experience alone isn't enough.

That's why NRBA members participate in weekly training webinars, client presentations, market updates, educational webinars, industry conferences, and our own private NRBA business development seminars throughout the year.

We believe the best brokers never stop learning.

The result is a nationwide network of professionals who understand today's market, today's compliance requirements, and today's client expectations.

What truly separates NRBA from everyone else is that our members function as a team. If challenges arise, resources are needed, or market expertise is required, the network works together to ensure assets receive the attention they deserve. Clients aren't relying on a single broker - they're gaining access to one of the most experienced REO networks in the country.

Need coverage in a market?

Need a proven broker with specific expertise?

Need assistance placing assets or evaluating coverage?

Our team makes it easy.

Visit our website to quickly locate the most qualified brokers, learn more about our standards, and explore why the industry's most respected organizations continue to trust NRBA members with their assets.

For additional assistance, our VP of Client Relations, Jason Greenleaf, is always available to help identify coverage, answer questions, and ensure your assets are placed with the right professionals. - Feel free to reach out to him at: [email protected]

When performance matters, experience matters.

When experience matters, NRBA delivers.

06/01/2026

NRBA Video News
Wednesday June 3rd, 2026
10:00 am PST /12:00 Noon CST / 1:00pm EST

Weekly NRBA Video News Segment with Current Updates and REO Information Hosted by NRBA President Mike Krein & the NRBA Board of Directors

“What’s in Store for the Summer Market?”

ALL THE LATEST INFORMATION FOR THE COUNTRY’S TOP REO BROKERS

05/28/2026

For all our REO friends in the industry - you already know there’s a direct connection between short sales and REO.

One of the ways into new REO accounts today, especially with smaller hedge funds, private equity groups, and distressed asset buyers, is through handling their short sales and building those trust relationships.

The smart REO brokers going forward are going to be doing BOTH.

Short sales are a great additional profit center and one of the pathways into future REO inventory and institutional relationships.

The time to position yourself is NOW- before the rest of the industry wakes up.

Homeowners: Behind on Your Mortgage? Here’s What You Need to Do Right Now! Click Here Missed Mortgage Payments? What to Do Before It Gets Worse! Click Here Certified Short Sale Experts (CSSE)™ Master Short Sales: Your competitive edge in today's market Become

05/26/2026

At the National REO Brokers Association, we’ve been warning for quite some time that the default and distress numbers were building beneath the surface, and now we’re even starting to see it accelerate.
Foreclosure filings and serious delinquencies are already climbing to the highest levels we’ve seen in years, especially in the FHA sector. Add in rising insurance costs, taxes, consumer debt, layered partial claims, and declining affordability, and the direction of this market is becoming very clear.
Most NRBA members, the most experienced REO and distressed asset professionals in the country are already getting busier every month.
In fact, many NRBA members are already ramping up operations, expanding staff, and preparing for what could become a very active REO and short sale cycle over the next several years.
The relationships are already in place.
The infrastructure is already in place.
The servicing and asset management connections are already in place.
Now the inventory is starting to follow.
This is exactly why NRBA members who also understand short sales are in such a strong position moving forward. The agents and brokers who understand both short sales and REO will likely dominate the next phase of this housing market.
The warning signs are there.
The data is there.
The market shift has already begun.

THE NEXT MASSIVE REAL ESTATE OPPORTUNITY FOR AGENTS IS ALREADY FORMING

82,000+ FHA borrowers from 2023 originations now carry subordinate liens, silent seconds, and partial claims on top of already high-LTV mortgages.

Many bought with just 3%–5% down.

After closing costs and commissions, many had virtually NO equity from the start.

Now?

They’re buried under layered debt.

This is why FHA short sales are about to become one of the biggest sectors in real estate again.

The agents who understand FHA partial claims, subordinate liens, loss mitigation, and distressed seller marketing are going to own this business for the next several years.

Most agents have no idea how to properly handle these transactions.

CSSE-trained agents already do.

The Certified Short Sale Expert course teaches agents:
✔️ FHA short sale procedures
✔️ Partial claim and silent second negotiations
✔️ Distressed seller lead generation
✔️ HOW to find these homeowners fisrt
✔️ How to build relationships with servicers and asset managers

The next wave of motivated sellers is already forming.

The smart properly trained agents are going to make a lot of money with this.

Question is:

Will you be prepared for it?

05/25/2026

NRBA Video News
Wednesday May 27th, 2026
10:00 am PST /12:00 Noon CST / 1:00pm EST

Weekly NRBA Video News Segment with Current Updates and REO Information Hosted by NRBA President Mike Krein & the NRBA Board of Directors

“This Week’s Special Guest Host: NRBA Director Cliff Ponte”

ALL THE LATEST INFORMATION FOR THE COUNTRY’S TOP REO BROKERS

05/20/2026

One of the biggest mistakes the industry made during the last default cycle was treating short sales and REO as separate worlds.

In reality, they are deeply connected - often handled by the same departments, the same asset managers, the same servicing teams, and sometimes the exact same people.

In many cases, doing an exceptional job on the short sale side is what ultimately opens the door to REO opportunities later.

We have personally seen that happen countless times.

That is one of the reasons why so many NRBA members have already completed the Certified Short Sale Experts (CSSE) training.

The best REO/default brokers understand that today’s market requires expertise across the entire distressed asset pipeline - from loss mitigation and coordinated sales to foreclosure, REO disposition, valuation, occupancy resolution, and recovery management.

As volumes continue rising, institutions are once again looking for properly trained professionals who truly understand distressed housing, compliance, valuation risk, fraud prevention, borrower interaction, and operational ex*****on.

The agents and brokers who prepare NOW will be positioned far ahead of the crowd as more inventory has already begun flowing back into the system.

This is exactly why we are participating in training our NRBA members, the industry, and the institutions.

We’re Not Just Training Agents… We’re Also Training the Clients!

One of the biggest shifts happening right now in the distressed asset, short sale, and non-performing loan space is this:

Lenders, servicers, hedge funds, note holders, asset managers, and institutional clients are realizing they no longer have trained short-sale staff internally.

Most of the people who handled short sales during the last cycle are gone.

At the same time:

• Foreclosure timelines are exploding
• Loss severity is rising
• Equity is shrinking
• Fraud risks are increasing
• Carrying costs are becoming unsustainable
• And many markets are already softening

That means the industry is rapidly shifting back toward short sales as the preferred loss mitigation strategy in many cases.

But short sales only work when BOTH sides know what they’re doing.

Last cycle, a huge percentage of failed short sales were caused by:

• Poorly trained agents
• Poorly trained negotiators
• Poorly trained servicing staff
• Weak operational controls
• Fraud and manipulation schemes
• Bad valuations and exposure practices

That’s exactly why institutional clients approached us to build the CSSE Short Sale Risk & Recovery Training Programs.

And yes… we’re now training the clients themselves.

Lenders.
Servicers.
Asset managers.
Loss mitigation departments.
Investors.
Title and escrow professionals.
Default servicing teams.

We are actively helping institutional clients rebuild the short sale knowledge base this industry lost after the last cycle.

And here’s the important part Realtors and brokers should pay attention to - As these clients rebuild their short sale operations, they also need trained agents they can trust.

That’s why the Certified Short Sale Experts (CSSE) designation and directory matter more now than ever before.

The industry is moving toward more "coordinated sales", short sales, preferred agent networks, and trained specialist directories again.

The agents who understand short sales, valuation issues, borrower psychology, investor guidelines, fraud risks, compliance, timelines, and operational procedures are going to separate themselves from the rest of the market over the next several years.

This isn’t theory anymore.
The shift has already started.
The institutional side is preparing now.

The question is whether agents and brokers are going to prepare with them - or watch the listings go to someone else.

To see if your firm qualifies to participate in this training, please contact: Michael Krein at: [email protected]

05/19/2026

FORECLOSURE ACTIVITY CONTINUES TO RISE NATIONWIDE
GLOBAL ECONOMIC PRESSURES MAY EXTEND THE CYCLE EVEN FURTHER

Last month, ATTOM reported 45,921 foreclosure filings in March 2026 - up 28% year over year and putting the U.S. on pace for approximately 525,000 foreclosure filings this year.
Now the April numbers are in:
▪️ 42,430 foreclosure filings nationwide
▪️ Up 18% year over year
▪️ 14th consecutive month of annual increases
▪️ Foreclosure starts up 12% year over year
▪️ COMPLETED FORECLOSURES are up 42% year over year!

While foreclosure filings declined slightly month-over-month from March, the bigger picture remains clear: distress activity continues trending upward across the country.

This does not appear to be shaping up as a sudden “2008-style collapse.”

Instead, what we are seeing is the development of a prolonged “slow-burn” distress cycle throughout the housing market.

Higher borrowing costs, affordability challenges, rising property taxes, escalating insurance premiums, mounting consumer debt, and payment shock are already putting increasing pressure on many homeowners, especially those who purchased during the peak affordability squeeze of the past several years. (2023 & 2024 vintage loans now appear even more vulnerable)

At the same time, growing global economic uncertainty, persistent inflation concerns, weakening consumer confidence, geopolitical instability, and the possibility of future interest rate increases could create even more pressure on both borrowers and the housing market moving forward.

If rates remain elevated - or rise further, many traditional refinance and workout solutions for distressed borrowers become even more difficult to achieve. That limits exit strategies, increases payment stress, and may significantly prolong the overall default cycle.

For lenders, servicers, investors, title companies, default professionals, and the broader real estate industry, these numbers matter because distressed inventory pipelines are clearly beginning to expand again.

The conversation is no longer IF distress activity is increasing - The real questions now are:

How large does this cycle become?
How long does it last?
And is the industry truly prepared for it this time?

Short sales, coordinated sales, loss mitigation, foreclosure prevention, and default servicing expertise are rapidly becoming critical skill sets once again.

The market is changing.
And the data is increasingly confirming it.

We encourage everyone to immediately work on increasing their skills and knowledge on the current practice of short sales and REO!

This is only going to get larger and become an even more significant portion of the market.

05/13/2026

THIS Is How You REALLY Meet Asset Managers in the REO Industry
One of the things that makes the National REO Brokers Association Annual Conference completely different from every other event in the REO industry is our famous client roundtables.
This isn’t a rushed meet-and-greet.
This isn’t standing in line for 90 seconds hoping to hand someone a business card.
We dedicate an entire afternoon to bringing our invited REO clients, servicers, asset managers, and industry partners together with our members in a relaxed, professional environment where real conversations happen.
Every client has their own table. - Every 15 minutes, the members rotate.
That means everyone gets real face time with the people they want to meet most - whether it’s reconnecting with existing clients, introducing themselves to new asset managers, discussing best practices, learning new technologies, improving scorecards, or simply understanding how to work better together in today’s changing market.
No pressure - No chaos - No rushing people out the door.
Just hours of direct interaction with some of the top companies and decision makers in the industry.
This is where relationships are built.
This is where opportunities start.
This is how business actually gets done in the REO industry.
Quite honestly, this is the single best networking roundtable session anywhere in the REO industry today.
And it should be…
Because over 25 years ago, the National REO Brokers Association was the organization that originally created and pioneered this roundtable format for the REO industry.
Others may have copied it over the years…
But NRBA is where it started.