Foreclosure shopping in U.S. becomes race between buyers

08/6/2009 | CNNMoney

The days of foreclosed houses owned by banks, known as REOs, sitting empty for months without even prospective buyers are over. Many REOs in the U.S. are selling in a single day, or faster. "Offers come in immediately after the listing comes on the market," said Brad Geisen, founder of Foreclosure.com. A few houses were under contract for sale in less than 90 minutes.

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