Wednesday, April 11, 2007

12,370 Homes Offered For Sale on Countrywide Financial's Website

Total Asking Price: $2,589,214,307
(As of October 8, 2007)


Click on state below for detailed listings
State Count Total Asking
Average Asking
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


Dimitris said...

There are a lot of homes that are being offered on REDC (US Home Auctions, is one reason for the previous dip. - Hat tip to Bubblesitter.

Anonymous said...

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.

alexey said...

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

Bubble Sitter said...

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

Kevin said...

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?

paul lindepants said...

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?

Anonymous said...

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?

Bubble Sitter said...

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?

Anonymous said...

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.

Bubble Sitter said...

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.

Bubble Site said...

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.

Dimitris said...

The new number is 12,950. I'll try and get the new chart out today along with the price changes.