Jumping on the REO wagon

From The Real Deal

NEW YORK CITY — Major residential brokerages may still snub their noses at the listings, but a growing number of firms, particularly in the outer boroughs, are fighting for a share of the foreclosed homes market.

Lenders took back thousands of homes in New York state last year and thousands more face foreclosure this year.

Take Staten Island-based Wonica Realtors and Appraisers. Last year, according to founder and President George Wonica, the firm’s REO division, which specializes in marketing and selling foreclosed residential properties in Staten Island and Brooklyn, accounted for almost 80 percent of his firm’s revenue.