Friday, May 11, 2007

7,990 Homes in Inventory
Total Asking Price: $1,515,967,369
(As of 5/11/2007)


Source: http://www.countrywide.com/purchase/f_reo.asp
Click on state below for detailed listings.
State
Count
Total Asking Price($)
Single Family, Median Asking Price($)




10
2,169,000
-
115
13,294,600
80,900
33
3,537,800
84,950
161
45,921,500
222,900
1327
523,740,800
369,900
242
41,517,025
136,900
39
11,255,300
234,900
9
2,933,100
-
5
1,010,100
-
295
70,475,400
185,900
540
73,363,700
99,900
3
1,583,700
-
38
3,168,405
62,900
3
670,700
-
305
52,784,700
118,900
257
15,573,880
41,900
62
4,782,550
59,900
53
4,493,300
70,400
31
3,624,900
87,400
196
45,781,900
222,900
45
13,886,500
210,900
8
1,298,200
-
1127
94,602,210
59,900
279
50,267,700
163,400
279
29,552,765
70,900
75
6,169,655
57,900
3
722,700
-
131
14,180,200
75,900
6
409,400
-
25
2,887,600
104,400
42
8,886,800
206,900
62
20,794,900
313,900
18
2,380,200
-
259
91,633,200
290,950
85
16,446,000
168,900
547
34,998,199
53,900
67
4,919,400
57,900
11
2,130,000
-
101
8,636,500
54,400
40
8,465,000
201,400
45
4,774,500
81,900
9
1,200,100
-
140
11,809,990
68,900
564
81,429,990
99,900
7
1,853,300
-
184
62,116,800
284,900
1
235,900
-
24
6,168,700
181,900
65
9,249,700
106,900
16
2,014,000
-
1
164,900
-



Total
7,990
1,515,967,369
114,900

11 comments:

Piko said...

Wow!! Excellent site! I'll definitely cover this in next week's show!

Andrew
http://www.InvestorReviewPodcast.com

Anonymous said...

If this inventory continues to pile up (and so far there is no indication that it is slowing), CFC will soon have over $2B in inventory.

I am guess that most of the POS houses will ultimately sell for a 25-30% reduction in value. Can CFC weather a loss of over $500M. As I understand it, they get to keep these houses on their books at the foreclosure value. When these are sold for a loss, they will have to recognize those losses. I truly think this is going to get ugly. If it is happening at CFC, it is happening with all the lenders.

I will sit back and enjoy the show, and hope that I can pick up a house in 3-7 years at a more realistic price.

Anonymous said...

While I have no doubt that some CFC REO homes sell for 25-30% below FMV, I'm not seeing that kind of discount here in Northern California. If people on this blog don't mind sharing, I'm curious as to where people are finding good values.

Anonymous said...

Anon, I agree. It's going to take some time before these homes start getting reduced. Buying now is like catching a falling knife, try and hold off longer if you can. There are still speculators out there picking these up.

Kevin said...

Whoa, whoa, whoa!

You started tracking the price changes in the individual listings! That is great, now we can see what is going on with their pricing.

Maybe try to set something up that shows the price that it actually sells for. Good work dude.

Anonymous said...

Anon, I like your falling knife analogy. However, I also believe that different regional knives fall at different rates. In my immediate neighborhood, prices are climbing and properties routinely receive multiple offers. I have to believe that there are other markets that have also bottomed out.

Anonymous said...

maybe you want to chart this

number of active listing on zip reality.com

http://www.ziprealty.com/maps/index.jsp?usage=search&cKey=74rbwvlk


mid may was 799,000
6/10/06 was 836,471
6/14/06 was 840,935
6/17/06 was 846,120
6/20/06 was 850,317
6/22/06 was 855,892
6/24/06 was 860,647
6/29/06 was 866,037
7/01/06 was 858,675
7/09/06 was 870,854
7/11/06 was 882,239
7/13/06 was 886,055
7/14/06 was 890,896
7/18/06 was 895,022
7/21/06 was 900,000
7/25/06 was 905,170
7/28/06 was 910,001
8/01/06 was 903,718
8/12/06 was 915,336
8/19/06 was 920,755
8/26/06 was 925,176
8/29/06 was 951,242
9/15/06 was 955,352
12/1/06 was 925,170
12/2/06 was 915,258
1/01/07 was 857,760
1/20/07 was 900,302
2/14/07 was 932,055
4/21/07 was 1,148,456
4/27/07 was 1,171,189
5/11/07 today 1,192,290

Dimitris said...

Have you been personally tracking zip realty? Zip realty is basically MLS. There is a site that tracks MLS listings along with median asking prices.
http://www.housingtracker.net/

There is one other thing about that data, Zip realty has been adding new areas, has this been taken into account? You got me thinking though. Thanks for that post!

Anonymous said...

Another way to look at Countrywide's potential write-down from these homes is to use a rule-of-thumb of $50,000 to $75,000 per foreclosure. I'm not sure how accurate this number is but it seems reasonable or even low to me if it includes loss of principal, loss of interest, repair/staging fees, realtor fees, legal fees, internal admin fees for the beefed up foreclosure department, etc. At $50,000 per REO they are looking at a $400 mln loss and at $75,000 per REO at a $600 mln loss. Won't shareholders be happy!

Dimitris said...

Thanks Kevin! I'm working on the last part you mentioned. I'm sure there will be some interesting discoveries.

la kwanzaa jackson said...

People thought that stocks were bottoming out in fall of 2000 then 2001 then 2002. The real bottom was March 2003. Many a sucker caught a falling knife during those years.