(As of September 26, 2007)
Source: http://www.countrywide.com/purchase/f_reo.asp
Click on state below for detailed listings.
| State | Count | Total Asking Price($) | Average Asking Price($) |
| AK | 8 | 2,089,200 | 261,150 |
| AL | 113 | 11,472,200 | 101,524 |
| AR | 32 | 3,606,205 | 112,694 |
| AZ | 298 | 74,551,500 | 250,173 |
| CA | 2,725 | 1,003,982,200 | 368,434 |
| CO | 376 | 67,948,200 | 180,713 |
| CT | 75 | 19,587,800 | 261,171 |
| DC | 17 | 5,105,300 | 300,312 |
| DE | 13 | 3,230,700 | 248,515 |
| FL | 755 | 183,190,850 | 242,637 |
| GA | 636 | 85,625,800 | 134,632 |
| HI | 19 | 7,999,100 | 421,005 |
| IA | 35 | 2,611,764 | 74,622 |
| ID | 13 | 2,496,700 | 192,054 |
| IL | 323 | 52,669,050 | 163,062 |
| IN | 312 | 20,563,100 | 65,907 |
| KS | 54 | 5,709,600 | 105,733 |
| KY | 81 | 8,487,704 | 104,786 |
| LA | 54 | 6,572,600 | 121,715 |
| MA | 237 | 54,521,644 | 230,049 |
| MD | 124 | 40,809,900 | 329,112 |
| ME | 3 | 212,700 | 70,900 |
| MI | 1,541 | 109,607,034 | 71,127 |
| MN | 364 | 62,006,000 | 170,346 |
| MO | 285 | 29,450,978 | 103,337 |
| MS | 124 | 10,932,300 | 88,164 |
| MT | 7 | 1,699,300 | 242,757 |
| NC | 179 | 20,227,105 | 113,001 |
| ND | 3 | 162,700 | 54,233 |
| NE | 29 | 2,279,100 | 78,590 |
| NH | 70 | 16,492,920 | 235,613 |
| NJ | 78 | 21,380,800 | 274,113 |
| NM | 11 | 1,771,900 | 161,082 |
| NV | 546 | 176,763,950 | 323,743 |
| NY | 103 | 22,885,400 | 222,188 |
| OH | 666 | 36,903,454 | 55,411 |
| OK | 60 | 5,009,100 | 83,485 |
| OR | 28 | 6,501,300 | 232,189 |
| PA | 141 | 12,463,000 | 88,390 |
| RI | 49 | 9,699,200 | 197,943 |
| SC | 47 | 4,680,400 | 99,583 |
| SD | 9 | 1,255,100 | 139,456 |
| TN | 195 | 19,431,699 | 99,650 |
| TX | 386 | 56,575,698 | 146,569 |
| UT | 8 | 2,410,200 | 301,275 |
| VA | 437 | 151,306,500 | 346,239 |
| WA | 47 | 12,136,300 | 258,219 |
| WI | 54 | 6,238,600 | 115,530 |
| WV | 23 | 3,932,700 | 170,987 |
| WY | 4 | 546,600 | 136,650 |
| Total | 11,797 | 2,467,793,155 | 179,015 |
19 comments:
Whoa! What happened in California?
Are these homes actually selling? Or is this a bug with the Countrywide website, where it can't handle that many properties? :)
Countrywide had to figure out sooner or later that people were using their data for undesireable reasons. The latest DQ numbers certianly don't support increased CA sales activity. This is about as believable as Mozilo's claim that CW will benefit from the sub-prime crunch!
I know of several homes owned by CFC for over 6 months that are not listed for sale anywhere, the web site or MLS. Curious. Maybe they don't know they own them.
I also see that when a house goes under contract, they take it off the list. If it does not close escrow, the bring it back.
I went to a courthouse steps trustee auction today and CFC had 7 houses that no one bid on, since the loan amount exceeded value.
Also, just prior to a big auction, they take the homes off the list. REDC (USHomeAuction.com) has 500 homes coming up next weekend. So the 200 home reduction for CFC could just be the homes going to the (Shill) auction.
Agent Bubble did a follow up on a Sacramento auction held in July and found only 20% of the homes had closed escrow 60 days later, and 50% were already back on the MLS.
Read about it here:
http://sacrealstats.blogspot.com/2007/09/july-22-auction-results.html
Wow, so your conclusion is that we have hit bottom and now is the time to buy right?
Just kidding. I wonder what the dip is about and if they are obligated to show EVERYTHING on that search page.
Frank - Broker Va
Blog.FranklyRealty.com
I hope you folks are not questioning Angelo. He's an honest guy, right???
BWAHAHAHA
Bubble Sitter,
Thanks for that link. A lot of the homes that have been removed from California are going to be auctioned off at the REDC (USHomeAuction.com) just like you said. I searched the REDC database for Sacramento and found a lot of the removed homes from countrywide's list to be on the REDC list.
I know that the reo house I am buying in Indiana was taken off realtor.com and CW's reo page as soon as they accepted my offer. I sometimes wonder how they even get any sold when it took over 2 weeks for them to say they accepted it and another 1 1/2 weeks to get signed papers back. Still not closed, but I'm hoping by the end of October...
Wow. It seems that the starting bids on those houses in sacramento are half price! Does anybody know if there are reserves or anything shady like that? If not, it seems like the lender REO price slashing has begun. Get ready for the wave of cheap houses!
Maryland has shot up 25%
Kevin, the USHomeAuction boiler plate not only has undisclosed reserve prices, but the auctioneer can put shills in the audience to bid against you up to the undisclosed reserve price. It says so right in the rules (buried, deeply).
USHomeAuctions are a joke.
Thanks, should have known. I guess its a waiting game until Countrywide is forced to unload at true market prices.
Okay, I can understand that they have reserve prices and that they are not disclosed. However, I have a hard time with the shills. Can you post the excerpt where it says that they will have shill bidders in the audience?
Anon 7:10 PM,
I believe you have to register to see it on line. I have the Sacramento 1 & 2, Modesto & San Mateo auctions. On page 122 paragraph 3, I quote verbatim: "Except where prohibited by law, the Auctioneer may open bidding on any property by placing a bid on behalf of the Seller and may further bid on behalf of the Seller, up to the amount of the reserve price, by placing successive or consecutive bids for a Property, or by placing bids in response to other bidders."
I could never figure out how these homes that were listed for $199,000 got bid increases in $50,000 increments out of the gate, suddenly getting to $350,000 in 3 bids. Now I know. Shill bidders. This is no auction. It is a weapon of massive FB creation.
How about another download from the official CFC Foreclosure site. I see California should be back up to 2900 homes, even after the 300 were removed for the auction. I am curious to see the trend graph. It was disturbing to some people to see the CA trend line drop last week. Let's reassure them nothing has changed the title waive.
Countrywide's official blog shows 2940 houses in CA for sale, back up from the dip. The dip was caused by removing houses the went to auction in Sacramento. Either the homes did not sell, or another 200 have been foreclosed since last week.
Acceleration......?
Celia, It is so genuine of you to comment "...and is really good written."
Now go back to Costa Rica and try to sell you condos to some other suckers, you ignoramic shill!
"Either the homes did not sell, or another 200 have been foreclosed since last week."
This is a key question. can someone answer that ? (by looking at addresses - are those the same as the one that were removed ?)
btw, how many homes that were "sold" in the auction will not close ?????
What are your results for the REDC auctions? I am shocked to see how poorly run these seem to be. We are approaching the second Chicagoland auciton. The confusion seems to be evident in both auctions.
I went out to 13 properties in the upcoming auction. All were supposed to be open for viewing last weekend. Of the 13, 7 were not open and could not be viewed. I don't know how you expect to get a reasonable bid if buyers cannot view them. Of the 13, 4 of the pictures listed on their site were wrong. You add that along with the 5% buyer premium, and a one sided real estate contradct and it has the making for poor auction results. I am sure most of the properties in the upcoming Chicagoland auction will not even come close to the reserve prices. Based on the information stated, I see little being done to increase the amount of willing and able buyers needed to increase the bidding.
Seems to me that REDC needs to add staff or change something to give their clients (all of the lenders losing money) the service they deserve especially when they are charging a 5% buyer premium on top of the sale price (another factor driving the prices lower).
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