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Housing Wire - Jacob Gaffney - Any long-term REO-to-rental strategy will need to adopt extensive refurbishment plans in order to resell the assets. Further, much of the foreclosed property that financial institutions would look to bulk-sell is currently in need of repair. Morgan Stanley ($23.30 -0.21%) analysts say that nearly 95% of distressed homes are in no shape to rent out, in some key markets. Only a tiny fraction of these properties are less than a decade old, they add.
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