Here is a list of foreclosures (foreclosed on), short sales, REO's (real estate owned (by bank), & bank owned homes in Flagstaff, Arizona. A foreclosure happens when the lienholder take possession of a home after the owner defaults. A short sale is the bank taking less than what is owed to them to help sell a home. Currently a lot of homes aren't worth what the owner owes on the property(worth less).
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