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Banks seize 367,000 homes as a foreclosure wave slams the US

Foreclosure is back at the center of the U.S. housing story, as lenders step up efforts to reclaim properties from struggling borrowers and investors circle distressed deals. The latest data show a ...
Homes can become bank-owned properties if the homeowner defaults on their mortgage and the bank forecloses. Bank-owned properties may also be referred to as real estate owned, or REO for short.