Once properties become REO (real estate owned), banks must be more vigilant than ever to protect their investments. Even in “good” times, over one million homes are foreclosed every year. Despite the economic recovery, the U.S. is still seeing foreclosure filings of about 4% higher nationwide (289,116 in 1Q2016) compared to the pre-recession quarterly average of 278,912 (1Q2006 to 3Q2007).
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