Vacant Homes Will Drown Housing Recovery: "
By Diana Olick, CNBC Real Estate Reporter
NEW YORK (CNBC) -- A real estate source I knew recently told me about a guy he knows in Atlanta who has been hired by several different banks to winterize their REO's (real estate owned, i.e. the bank-owned foreclosures).
The homes are abandoned and empty, and clearly the banks think they're going to stay that way for a while.
The winterizer didn't want to do an interview, for fear he would lose his clients, the banks, who might not want us all to know about this.
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