Housing secretary, BEN CARSON, doesn't know what real estate terms means

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REO = REAL ESTATE OWNED

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Ben Carson, Housing Secretary, Does Not Know Basic Housing Term


REO stands for “real estate owned” and references properties in possession of lenders following a foreclosure. Regarding FHA loans, after the property is seized from the homeowner and the title is transferred to HUD, the home is then put up for sale.
 
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