Communities get 'First Look' at many REOs

Homes may be rehabbed, rented, resold or demolished

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Federal housing officials have reached an agreement with mortgage lenders that will give nonprofit organizations and state and local governments right of first refusal to purchase foreclosed homes in certain targeted neighborhoods.

Lenders participating in the "National First Look Program" represent about 75 percent of the real estate owned (REO) marketplace, the Department of Housing and Urban Development announced Wednesday.