Despite the drop in foreclosure rate, banks are still repossessing homes at an alarming rate -- over 92,000 homes were reclaimed in April. Home buyers, however, are snatching them up.
According to the National Association of Realtors®, distressed homes accounted for 35 percent of all April home resales with a typical discount ranging near 15 percent.
That's good value if you can find REO that's in decent condition.
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