Econohomes Rapid Growth Propels it to #2 in Austin Business Journal’s Fast 50 List

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Nationwide foreclosure property reseller Econohomes experiences rapid growth since its founding in 2006, landing it at the #2 spot on Austin Business Journal’s annual list of Austin’s 50 fastest growing private companies.

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According to Jeff Ball, CEO of Econohomes, being named second of the Fast 50 is an honor and a result of the increasingly vital role Econohomes is playing in turning distressed properties lost to foreclosure back into family homes.

Econohomes, a leading reseller of mortgage foreclosure properties in the United States, has been named to Austin Business Journal’s annual Fast 50 list of the fastest growing private companies in central Texas.

According to Jeff Ball, CEO of Econohomes, being named second of the Fast 50 is an honor and a result of the increasingly vital role Econohomes is playing in turning distressed properties lost to foreclosure back into family homes. "At Econohomes, we are passionate about helping small, local investors unlock the value trapped in distressed foreclosure properties,” says Ball.

This year represents the first time Econohomes submitted its application to the Fast 50 competition. The Austin Business Journal puts out the Fast 50 list annually as a way to recognize Austin’s fastest-growing private companies. The competition is open to all private companies in the Greater Austin metropolitan area with annual revenues at or greater than $500,000 for the three years under consideration.

Econohomes, which has seen its revenues grow to $40m in 2011 from $1.6m in 2009, has become one of the largest resellers of home foreclosures in the United States. “Our growth is due in part to the amount of REO inventory that built up as a result of the mortgage crisis,” Ball says. "We truly feel, however, that our success stems from our ability to provide local investors with a fast, smooth and dependable buying and financing experience which in turn helps bring distressed properties back to life in communities across the United States."

While Ball is thrilled with Econohomes’ success, he is constantly looking for new ways to create value in the REO market. To that end, Econohomes recently launched its own internal financing division that allows it to offer flexible financing terms for the inventory it sells to local investors. Ball says: “We’re now able to help individual investors with more modest incomes or asset portfolios acquire the capital to purchase, renovate and turn foreclosures into viable rental property.”

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More details about Econohomes REO property listings and new flexible financing portfolio are available at http://www.econohomes.com/.

About Econohomes
Econohomes unlocks the enormous potential of distressed properties for buyers, sellers, and communities. With hundreds of investment properties offered in more than 39 states and a proven track record of acquiring and selling thousands of properties since 2005, Econohomes is the alternative pipeline for distressed properties. Econohomes buys REO properties in volume at discounted prices from mortgage lenders and servicers, and almost instantly makes these properties available online to buyers at affordable prices. Econohomes is the leading online source for wholesale investment properties and property financing.

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Amy Hasbrouck