Was reading: “The Foreclosure Discount: Myth or Reality?” John P. Harding (University of Connecticut), Eric Rosenblatt (Fannie Mae) and Vincent W. Yao (Fannie Mae).
Image from Table 3 on page 39.
I'd like really to know how so few REOs are considered "poor/below average" and why there is such a discrepancy in the percentage distribution of ratings these four markets.