For the purpose of my real estate market reports, I tend to lump distressed properties together. So, what am I talking about when I say distressed properties. These are the terms used by our local Board of Realtor listing service. Bank Owned – This is a home which has been foreclosed on and is now owned by the bank. This is also often referred to as REO or Real Estate Owned, which simply means it is real estate owned by the bank. HUD Owned – Also a foreclosed home which is now owned by Housing and Urban Development. VA Owned...