Tuesday, October 23, 2007

Breaking News: Countrywide Financial REO's Off The Charts!


Update: See Below
Source: http://www.countrywide.com/purchase/f_reo.asp

89,030 REO's have "NO BROKER ASSIGNED" as contact name.
More data soon to come. No Asking Prices listed on CFC site for all these homes.

Click on State below for detailed listings.
(Note: These properties are no longer posted on Countrywide's website .)

State Count
AK 245
AL 2799
AR 985
AZ 3544
CA 28136
CO 8322
CT 1201
DC 323
DE 183
FL 8728
GA 10227
HI 811
IA 975
ID 1319
IL 5793
IN 7327
KS 1897
KY 2939
LA 1637
MA 2405
MD 2010
ME 204
MI 17319
MN 3559
MO 6069
MS 1414
MT 325
NC 7294
ND 93
NE 561
NH 613
NJ 1895
NM 1132
NV 3488
NY 3298
OH 10269
OK 3043
OR 1837
PA 5224
RI 353
SC 2798
SD 156
TN 5292
TX 15138
UT 2462
VA 3369
WA 3342
WI 2446
WV 453
WY 181
Total 195,433

Update:

There were 195,433 properties published for sale (click on state links above to see the properties) by Countrywide Financial all through last night and this morning (probably up until noon time I'm guessing). Countrywide no longer has all these properties on their site as being offered for sale and the number of REO's currently listed are back to the 13k range. This huge number of listed properties is just too huge to figure out what is going on. I truly thought those numbers were going to stay published on their site. I cannot say what Countrywide's intentions were for publishing 195,433 properties. Perhaps it was a mistake? I have no clue. The current properties offered for sale can be found here. All data on this blog is AS IS.




47 comments:

Anonymous said...

Sorry but I have noticed this as well - are this number for real???

Or someone cruel joke?? like hackers and such??

go browns said...

I believe the CFC's corp. website includes ALL loans for which CFC services...i.e. REOs for multiple bank investors.

The prior chart is only REOs held in CFC's corporate portfolio.

radman said...

Countrywide's official REO website clearly states that these are Countrywide OWNED properties. I follow both this site and the blog daily, paying particular attention to MS and CO. Yesterday 10/22/07 there were 115 REO's in MS. Today there are 1414. Most now show "broker unassigned". No S--t!!! Cumulative for all areas jumped overnightfrom 13,000+ to 195,000+. Something smells here. No wonder CFC is now eager to workout 80K loans. I suspect some employee either intentionally or accidentally dumped these astounding numbers on the Internet and disclosed the true magnitude of the "problem" What will be the fireworks when Wall Street notices this? Also very peculiar that no prices are listed now. This is going to be interesting.

Anonymous said...

Jesus H. Christ . . .

Anonymous said...

...do you think that they've finally decided to 'come clean' about approx. 25 billion in 'hidden depreciating assets'?

Go browns said...

I just did a random sample on properties they're advertising as "bank owned" with no broker assigned in my state. Most are old REOs that have since been sold to a new party that is NOT in foreclosure, at least not in the public record.

This appears to be a screw up. big shocker there....

Kevin said...

I vote software glitch. Not the first time countrywide has messed up.

Anonymous said...

I think the bug has already been fixed. REO for CA says : (Results 1 to 100 of about 3435), 2% above the 3342 listed for CA on October 19.

Anonymous said...

Everyone,

I saw this before i bailed from work this a.m. I picked 10 random homes from my listings in Florida i could go by on the way home.

I checked 10 listings...

EVERY SINGLE ONE IS A EMPTY HOME !!!

The funny thing is all the lawns are mowed/trash picked up. You would not know these are empty unless you peeked in the windows...

I am going to guess we probably were not supposed to see that info...

Anonymous said...

These are real and it's about to get even worse. Double these numbers by May of next year.

Anonymous said...

Can you please post the withdrawn list on your website? I would like to drive around some of those new REOs in NJ.

Anonymous said...

Can you please post the withdrawn list as I would like to look at these homes in New York.

If anyone has it please e-mail it to cfc10232007@hotmail.com

Bubble Sitter said...

Dimitri, If you have the list, will you post it so we can determine if these properties are going to hit the market. This info is too important to remove without getting the truth.

Greenie said...

No computer glitch. Irvine housing blog predicted this would happen this week. check this post:

http://www.irvinehousingblog.com/2007/10/15/eve-of-destruction/

Anonymous said...

This Real Estate bubble was all caused by unbacked paper money. Fiat paper, yet another infringement on our rights by the gov't. Add it to the ever-growing list of violations:
They violate the 1st Amendment by opening mail, caging demonstrators and banning books like America Deceived (book) from Amazon.
They violate the 2nd Amendment by confiscating guns during Katrina.
They violate the 4th Amendment by conducting warrant-less wiretaps.
They violate the 5th and 6th Amendment by suspending habeas corpus.
They violate the 8th Amendment by torturing.
They violate the entire Constitution by starting 2 illegal wars based on lies and on behalf of a foriegn gov't.
Support Dr. Ron Paul and save this great country (and her money).

Nozferatu said...

I hope it is real...hope they go down in flames.

Anonymous said...

I have checked some of the San Diego "no broker assigned" properties on the big list. Of the five I checked, none are in any stage of foreclosure per tax records. A few had big loans on recent purchases- so they could be "in workout" but one been owned by the Salvation Army since 2001!

So I don't think we can conclude that these are all problem properties. Not sure how countrywide got them all in one database. Wish they would clear it up.

Don Robertson, The American Philosopher said...

And here is just one unsuspected problem, why this is happening to the fine folks from CountryWide.

All these properties are being offered "as is" "where is".

And just what risks are entailed in this sort of purchase?

Imagine you're a homeowner who was sold one of these shady mortgages.

And imagine you're not half as dumb as you perhaps look.

You know you were the victim of a crime, but you're STILL being thrown out of you home. AND, you're being thrown out of your home by the very criminals who fleeced you.

So... You might just decide to get even with these guys? Uh...

A little creative electrical work, or perhaps a little something in the water supply? Or perhaps something more creative?

Anyone who buys a home from these creeps "as is" "where is" is simply looking for some very nasty trouble exactly where they're most likely to find it.

Don't say you weren't warned.

Don Robertson, The American Philosopher

Bubble Sitter said...

A few of the houses on the goof list are ones I have seen and they have sold. Many are ones currently for sale and have a broker assigned. The ones with "no broker assigned" may be unsold additions to the list.

I will check on a few unassigned houses tonight and see what is going on.

I do know of a couple of houses in foreclosure with CFC that are not on the list!

My conclusion at this point is the 89,000 REO listed with no broker assigned are going to be on the market soon.

radman said...

Great work retriving the disappearing data. I'm sure everyone is waiting for a reasonable explanation, if in fact, there is one. Real REO numbers are probably somewhere in between. That leaves a lot of room on the upside. I wonder if the person(s) responsible for the data getting posted has any fingernails left. They certainly don't have a job with CFC anymore.

Anonymous said...

lets see... yesterday they have a huge inventory increase, today they offer fixed rate refi to their variable customers... presto, that which was a bad variable rate loan yesterday, becomes a viable loan today. I really love the way accounting works.

Anonymous said...

I can shed some light on this. I could probably have shed more light if I read this last night.

My home is definately REO by Countrywide. It's already gone through the foreclosure process. It never appeared on the Countrywide site and still hasn't as of today even though the foreclosure happened months ago. I think it's going to end up at a second auction with one of the brokers soon. Long and short of it they are underreporting their foreclosures and I'm proof of that. I would almost guarantee my old property was on last nights list. We tried to do a workout with these idiots and could never get a return letter/call. We tried to do short sales and never got a response.

Anonymous said...

***UPDATE***
Countrywide is playing with the numbers. My home is listed as of last night and lists the correct realtor whos sign was in the front yard. Today and every other day it's not there, so they are 100% playing games with their data.

I went ahead and checked about 5 other listings. Several are accounts they serviced that have foreclosed and are not re-sold, 1 was like mine.

Whatever got added last night, I'm going to guess at least 5-10% are legitimate foreclosures not reported. Worse, some are like mine that have NEVER been reported and are 1/2 a year old.

Anonymous said...

I suspect the ones not assigned to brokers are meant to be sold in bulk to hedge funds and other types of investors that are looking to buy these homes sight unseen for 50% of BPO. They were never meant to appear on the Countrywide site IMHO.

Anonymous said...

The home in question is being auctioned by REDC and appears on their site for an auction upcoming.

The only time it ever appeared on the Countrywide webpage was during the snafu last night in the "as-is" archive.

Michael Shedlock said...

Did you capture the full list?
If so, can I have a copy?
Thanks

http://globaleconomicanalysis.blogspot.com/
Mish

Bubble Sitter said...

Mish, the lists are broken down by states and you may download them for each state from the blog.

Anonymous said...

perhaps countrywide is hoping people will go out to take a look at the properties (the addresses from my town are valid)and make an offer. On none of the other sites RealtyTrac Zillow and whomever do not publish the actual address without paying a fee. And so since no one really knows where these houses are on RealtyTrac without paying the fee Countrywide let's you know exactly where it is at so you can make that offer. And I believe the number and it's probably more and will be more. That bail out by Countrywide can not amount to much because that is how much they would workout in California alone.

Anonymous said...

THERE IS NO WAY CFC OWNS 195,000 REO PROPERTIES! Think about it. If they were worth 400k each, that would be 78 BILLION in assets. They do not have near half of that, it was some computer glitch.

Anonymous said...

I randomly grabed 4 in my town of Lake Elsinore, CA. I checked public records via my title company and the 4 that show "no broker assigned" were never in the hands of CFC, are in private hands right now who purchased a while back. They were not old REO's and are not currently REO's.

I think there was a computer glitch.

Anonymous said...

Ok, so I need to recant something here. The random Lake Elsinore properties I chose and mentioned above were in fact REO's however they were REO's back in the 90's. Since then they have not been back in foreclosure or as an REO.

Anonymous said...

I visited three Yorba Linda properties mistakenly (?) posted on CFC's website on 10/23, and observed all three are vacant properties in various states of distress compared to owner occupied properties. These properties were never listed as CFC REOs prior to 10/23.

Anonymous said...

Well if you multiply the 89,000 by $215,000 (median home price) you get about 19 billion, ballpark of the amt countrywide claims it is refinancing (16 billion).

These properties may be those homes in "distress" or some kind of payment default, but not quite REOs yet.

http://biz.yahoo.com/bizj/071023/1539223.html?.v=1

cobra2411 said...

I have confirmed that at least in PA it is a software glitch

As some others here pointed out they are old REO's that somehow made it back on the website.

Would be nice if it was true, but it's not...

CHL Loan Officer said...

I work at Countrywide. For 9 hours a day, every day, I speak to folks in or about to go into foreclosure. I believe that the number of bank owned properties is MUCH higher than is being discussed.

Max said...

Is there a chance these are pre-foreclosures? Does anybody have access to detailed financial information?

Anonymous said...

The Jail Cell will be painted Orange; Bank of America will see Red; Wall Street will see Black.

Bubble Sitter said...

Anonymous Posters (all 22)

Please, invent a name. The gibberish is hard to follow when you all post with the same anonymous tag.

I will tell you that the "no broker assigned" properties I am inspecting did not exist before 2005, so they are not past repos. I will have more info later, but it looks like the goof list is some old, some current and some future.

The fact is, Countrywide could easily have 400,000 repos soon. They hold 1.6 trillion in loans. 5% default would be $80 billion! The forecast is for 2,000,000 repos this year. That is $400 billion in value at the value of $200,000 per house. Easy!

Jim said...

I just called the REO dept on a home listed in MA. The contact info was blank. The woman I spoke to told me no listing agent was assigned yet. I then asked if I could buy it directly from them. She said no. They have to go to a realtor. I said "doesn't it seem stupid to you that I'm willing to buy this property right now and you can't do anything to help me?" Her response "I get that question alot"

PS. This property was not on the list last week.

Anonymous said...

Bad news needs to be put into perspective.

$16 Bil in modifications vs $1.45 Tril portfolio.

82,000 loans in foreclosure vs 8,900,000 loans in portfolio

http://www.chron.com/disp/story.mpl/ap/business/5240157.html

Anonymous said...

I checked my area Torrance, CA. There are absolutely nothing listed in the Countrywide site. But on the new listing per the link provided, i got about two dozen homes listed. I started calling the numbers. They are all for REAL. I spoke to the broker and he said that he has that house and a few more in Torrance.

Possibly countrywide does not want to list all of them together. Not sure.

Bubble Sitter said...

"...Bad news needs to be put into perspective...."

You mean like the perspective that from 2003 to 2006 about 25 million homes sold at inflated prices... All because Wall Street invented loans where dead beats could get drunk on their new found easy credit and drive prices through the roof for everyone, without regard to affordability?

Anonymous said...

I checked 15 listings in Fredericksburg VA. I found: 6 are active foreclosures, 3 are not currently listed nor have been listed as foreclosures (so I am assuming they are going to be coming on soon), 3 are closed sales for 2007 that were listed as foreclosures, 1 was a prior 1997 foreclosure and not currently listed or transfered, 1 was a prior 2001 foreclosure and not currently listed or transfered. So it appears there is a little of everything in that list.

Civilsid said...

I am a R.E. agent in Kingman, AZ. The BIG list showed 60 listings in Kingman. I cross referenced them with our MLS database. Just spot testing, several had no record of being listed privately or by CFC. One listing closed escrow in September. Some listings were repeats (same address listed twice), some are expired listings.

This is significant because almost always, a private owner will ist the house for sale before the bank forecloses.

I will review the properties and add more later.

okeven said...

I just checked out the six closest ones on the big list (195k) and all six were vacant and in terrible condition. This list may, in time, be found to be true. Only one of six had a for sale sign and it did state "BANK OWNED" on the bottom.

Anonymous said...

I went looking for one house which was not on the "real" list but was on the much bigger list. House is for sale and appears vacant. Maybe the 195,000 is the real list of homes.

Anonymous said...

I have checked properties in MO and they are all empty also. I own a rental home that is in pre forclosure now I have 3 offers on the table all short sales I have been calling for 30dys straight and noone has any info on my shortsale. This is a shady company that has no interest in recovering their loans