REO Realities: Closing in on Foreclosures

In 2014, a full third of the homes listed for sale in Monroe County, Pennsylvania, with a population just under 170,000, were REOs.

Along with Wayne County, Michigan these were are the only two outside of Florida on a new list from RealtyTrac® that shows counties of 100,000 residents (not including non-disclosure states) where REOs were the highest percentage of last year’s home sales.

An REO, or real estate owned property, is one that has come back to the lender – typically a bank, government agency, or government loan insurer – after it has failed to sell at a foreclosure auction.

Below are the Top Ten counties on the new RealtyTrac report:

 

County, State Population Pct. of REO Sales
Monroe, Pennsylvania 169,346 34%
Saint Lucie, Florida 278,246 30%
Duval, Florida 866,431 30%
Hernando, Florida 172,784 28%
Clay, Florida 190,891 25%
Marion, Florida 331,987 24%
Osceola, Florida 272,355 24%
Leon, Florida 276,506 24%
Wayne, Michigan 1,822,469 24%
Seminole, Florida 423,389 24%

 

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