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REO sale property in San Diego, California. Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
Repossession, commonly referred to as repo, is a "self-help" type of action in which the party having the right of ownership of a property takes the property in question back from the party having right of possession without invoking court proceedings.
As per the foreclosure data report of RealtyTrac for January 2014, 1 in every 1,058 homes in U.S. received a foreclosure filing. This figure falls in the higher spectrum of foreclosure frequency. As of August 2014, the foreclosure rate was 33.7%, 1.7% up from the last year.
Ditto for foreclosure-plagued Detroit, where a search of our real estate listings turns up more than 1,000 hits on properties for $10,000 or less. Show comments Advertisement
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This was almost the scene last week as Wayne County (Detroit) tried to auction off almost 9,000 repossessed properties only to find over 80% of them drew nary a single bid, even with the minimum
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