One in every four homes sold in the fourth quarter of 2011 was a foreclosed property.
Some of the best deals for buyers in the foreclosure market are real estate owned (REO) properties. These properties are taken over by banks after unsuccessful sales at foreclosure auctions.
We drew on RealtyTrac data to put together a quick guide of the 10 metropolitan areas where homebuyers are getting the best deals on REO sales.
The metro areas are ranked by the size of the discount offered by REOs relative to homes sold under normal conditions.
Note: The data is for metro areas with at least 500 REO sales during the fourth quarter. Read more......