| 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:
Wow!! Excellent site! I'll definitely cover this in next week's show!
Andrew
http://www.InvestorReviewPodcast.com
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.
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.
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.
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.
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.
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
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!
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!
Thanks Kevin! I'm working on the last part you mentioned. I'm sure there will be some interesting discoveries.
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.
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