(As of October 8, 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 | 2,484,200 | 310,525 |
| AL | 123 | 12,412,300 | 100,913 |
| AR | 26 | 2,780,500 | 106,942 |
| AZ | 332 | 80,136,500 | 241,375 |
| CA | 2940 | 1,063,134,326 | 361,610 |
| CO | 375 | 68,153,800 | 181,743 |
| CT | 79 | 18,558,400 | 234,916 |
| DC | 15 | 4,288,500 | 285,900 |
| DE | 14 | 3,426,600 | 244,757 |
| FL | 779 | 185,949,305 | 238,703 |
| GA | 646 | 84,843,800 | 131,337 |
| HI | 22 | 9,353,800 | 425,173 |
| IA | 39 | 3,344,464 | 85,755 |
| ID | 16 | 2,923,400 | 182,713 |
| IL | 328 | 51,591,400 | 157,291 |
| IN | 287 | 18,859,400 | 65,712 |
| KS | 59 | 5,423,100 | 91,917 |
| KY | 75 | 7,887,405 | 105,165 |
| LA | 53 | 6,184,800 | 116,694 |
| MA | 335 | 74,369,099 | 221,997 |
| MD | 132 | 43,895,100 | 332,539 |
| ME | 2 | 172,800 | 86,400 |
| MI | 1534 | 109,492,928 | 71,377 |
| MN | 368 | 59,900,400 | 162,773 |
| MO | 292 | 30,055,648 | 102,930 |
| MS | 125 | 11,387,600 | 91,101 |
| MT | 7 | 1,774,300 | 253,471 |
| NC | 166 | 18,951,505 | 114,166 |
| ND | 3 | 335,700 | 111,900 |
| NE | 26 | 2,028,400 | 78,015 |
| NH | 72 | 16,368,720 | 227,343 |
| NJ | 75 | 22,019,200 | 293,589 |
| NM | 11 | 1,649,900 | 149,991 |
| NV | 561 | 178,957,350 | 318,997 |
| NY | 113 | 24,160,400 | 213,809 |
| OH | 665 | 36,969,959 | 55,594 |
| OK | 48 | 3,932,300 | 81,923 |
| OR | 28 | 6,477,200 | 231,329 |
| PA | 144 | 13,000,600 | 90,282 |
| RI | 51 | 9,852,000 | 193,176 |
| SC | 48 | 4,768,300 | 99,340 |
| SD | 7 | 986,300 | 140,900 |
| TN | 186 | 19,352,299 | 104,045 |
| TX | 549 | 84,170,699 | 153,316 |
| UT | 11 | 3,114,900 | 283,173 |
| VA | 461 | 155,503,100 | 337,317 |
| WA | 50 | 12,358,000 | 247,160 |
| WI | 57 | 6,873,300 | 120,584 |
| WV | 24 | 4,102,600 | 170,942 |
| WY | 3 | 497,700 | 165,900 |
| Total | 12,370 | 2,589,214,307 | 179,490 |
12 comments:
There are a lot of homes that are being offered on REDC (US Home Auctions, http://www.ushomeauction.com/)which is one reason for the previous dip. - Hat tip to Bubblesitter.
Does anybody have an idea of how willing Countrywide is to negotiate on their "list" prices? I'm starting to see listings in decent areas, but the prices still seem inflated.
If hard if the home is on the MLS banks don't want records to show they gave a big price brake. I'm my area I've seen banks give 10-25k max. But I'm sure as the inventory increases they will think different. Oh yeah I also use this site to find other major banks REO's http://nwmove.com/foreclosure
I have heard CFC uses three agents not affiliated with the listing to help set the price, so they do not seem to be too flexible on offers much below the listed price. I offered $65k under on a $470k listing and did not get a response, other than no thanks. They have lowered the price to $459k now, 3 weeks later. They review prices every 2-3 weeks and drop when there is no activity. They do want to sell and understand market psychology. The only way to sell is keep dropping the price until someone steps up. It works, except in this market, prices are dropping on other listings faster than CFC can get the reset committee in gear.
The house I offered $405k and now listed at $459k? A much bigger home just sold for $440k last week and the exact same model just sold for $415k this week. This is all in Sacramento
The trend resumes!
This can't last forever, eventually they will have to unload these properties. After all they're a lender not a real estate investment company, right?
If you're very interested in purchasing a property, I suggest supplying the listing agent with comps that support your offer. Offering $405K on a $470K listing does look like a "low ball" offer at first. Given your short text, its probably worth about $420K or so. Gather good comps at $420K and submit them, you may get counter back. Its always good to remember that banks don't care what a property sells for, as long as its substantiated. I've sold properties as low as $500 because it was supported with data. But then again, knowing that all these lenders have full pipelines and more to come, with prices heading south, why would you want to buy today? Your $405,000 of today, may be $375,000 of tomorrow?
But then again, knowing that all these lenders have full pipelines and more to come, with prices heading south, why would you want to buy today? Your $405,000 of today, may be $375,000 of tomorrow?
I think the point in that case would be to bid $375,000 now instead of tomorrow so that you get a home now. With the new 5 year S&P/Case-Shiller futures, there is some visibility into what prices will be tomorrow, so if you can get the same discount now with a little lowballing, then why not?
Paul & Anon,
I was really more interested in learning the process, then buying a house, this first time out, since I have not purchased real estate for a while and never purchased REO. You comments facilitate that goal.
The only way to see the bottom is to see signs of a 5% upturn, then buy. I believe the downside risk almost dictates waiting for that sign. Otherwise, if the market tanks the economy, then the economy tanks and dragging the market down to another level not seen in decades.
The only other way to look at it is the after tax equivilent of paying rent, which for me (26% fed, 8% state marginal rate) is about $350,000 to $375,000. Interesting yes?
The only way to see the bottom is to see signs of a 5% upturn, then buy.
Ah, that used to be true, but now we have the S&P/Case-Shiller futures extending out 5 years into the future. Check it out. I love you Professor Shiller.
Biff, Bam, Boom, Splat. Holy NODs Batman. Countrywide REO's jumped up to 3200 units, per their website, over the last 4 days (Oct. 9 to Oct 13.)
8.8% increase in 4 days! So much for the dip in inventory. This graph is going vertical....geometrically.
To clarify, that is California REO inventory. You will have to rely on Dimitris to give you the national number.
This web site is very intersting. I really like the way it is put together. Thank you so much.
The new number is 12,950. I'll try and get the new chart out today along with the price changes.
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