What are the NPL’s and the REO’s?

Although one speaks very often of these products like stars of the investment real estate Let me define in a simple way that it is:
NPL’s are loan failures of the financial institutions, non performing loans of their acronym in English and usually there are two categories: with real guarantees and without guarantees. As they are known in the market secured and un secured.
The REO’s are the assets awarded after a foreclosure process. REO comes from the Spanish acronym Real Estate Owned.
These portfolios have been and continue to be the most demanded products and represent the largest transactions in Spanish Real estate Market.