Olympus Asset Management has recently relocated its operations, moving to a recently purchased 20,000 square-foot office building in Scarborough, Maine. The new facilities give the company increased capacity to accommodate the growth of real estate owned (REO) inventories anticipated for 2010, Olympus Asset Management President Eric Hirshberg says.
‘Nearly all the industry analysts and default industry professionals we have talked to recently agree that with the end of most national and local moratoriums on foreclosures and increasing defaults, there will be a noticeable rise in REO inventories next year,’ Hirshberg says. "Despite being an important election year, we feel strongly that while the economy has shown signs of slight improvement in the fourth quarter of 2009, this may be a false bubble that was created by the tax break on home purchases by first-time buyers and the "Cash for Clunkers' program."
SOURCE: Olympus Asset Management
