Tuesday, October 30, 2007

Over 1000 bank owned homes to be auctioned off in Southern California (Nov 3 - 11)

November 3, 2007 - November 4, 2007.

The party starts this Saturday at the Fairplex in Pomona. Here's the link to the 400 REO's that "MUST BE SOLD" from REDC (USHomeAuction.com)



November 07, 2007 - November 11, 2007

Hudson & Marshall: Nearly 600 Southern California Foreclosed Homes Totaling $198 Million Up For Auction

"A souring housing market brimming over with foreclosures and falling home prices translates into sweet news for buyers in search of deals. As property values continue their spiral downward, more owner occupant buyers are turning to foreclosed property auctions to find even greater price reductions. America's largest foreclosed real estate auction firm, Hudson & Marshall will auction nearly 600 foreclosed homes located throughout Los Angeles and the San Bernardino Valley area on November 6-11."

Lenders are now aggressively cutting down on prices but that still doesn't mean you're going to find a bargain. All indicators showing plenty of "growth potential" in California's "As Is" home sales industry, and increased competition in REO's is always a good sign for the consumer - just take a look at California's recent record foreclosure activity.



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Thursday, October 25, 2007

Countrywide Financial: It Was A Technical Glitch

The other day Countrywide Financial posted over 195,000 properties for sale on their REO/Foreclosure website. It was a complete shocker to many of us - as we didn't know what to make of this.

Thanks to Peter Villes from the L.A. Times who contacted Countrywide's PR and received the following email response:

"There was a technical glitch. I'm trying to get you the accurate number but it probably won't happen until tomorrow."


A reader from the L.A. Times Blog asked:

‘MattJ wrote, " I'm sure it is a technical glitch, too, but the real question is what is that list of 190,000 houses a list of? Some speculation at Calculated Risk include that it is a list of homes in the foreclosure process but not yet REOs, or that it is a list of all REO houses that Countrywide services. Whatever it is, it sure would be nice to learn what that larger list contains and how it ended up in their list of Countrywide REOs."’


The question from MattJ's post was forwarded by email to Countrywide by Peter and the response from Countrywide was as follows:

"There was an omission in the logic that didn't filter out any properties so it was including all historical REO properties in the database. This has been rectified and new logic has been added."


From Peter Villes:

"To answer gman's question ("Is it possible that Countrywide has 196,000 of these and they've just been holding back?"), we think that is highly unlikely, and we take Countrywide at its word on this one: a technical glitch."


I believe this explains a lot, and we should take Countrywide at its word on this one as well.


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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.




Wednesday, October 17, 2007

19,618 Homes Offered For Sale on Countrywide Financial's Website

Total REO Asking Price: $3,308,329,521
(As of October 17, 2008)



Source: http://www.countrywide.com/purchase/f_reo.asp

Click on state below for detailed listings
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State Count Total Asking
Price($)
Average Asking
Price($)
AK256,720,500268,820
AL20726,304,996127,077
AR857,393,40086,981
AZ796131,416,250165,096
CA5,3341,280,894,200240,138
CO29356,856,297194,049
CT15828,129,187178,033
DC266,726,397258,708
DE263,803,399146,285
FL2,067310,620,129150,276
GA995114,184,224114,758
HI4516,195,900359,909
IA685,498,19980,856
ID7819,325,850247,767
IL763106,199,721139,187
IN36522,572,24461,842
KS827,340,05289,513
KY13110,699,74581,677
LA637,240,300114,925
MA24841,947,253169,142
MD28775,088,285261,632
ME444,090,20192,959
MI1,22879,788,48964,974
MN47065,877,036140,164
MO32029,765,67593,018
MS10111,085,497109,757
MT163,517,300219,831
NC38657,997,051150,251
ND0132,90032,900
NE302,565,00085,500
NH11319,786,874175,105
NJ22248,041,990216,405
NM355,779,500165,129
NV908170,383,405187,647
NY21944,943,769205,223
OH49229,316,41259,586
OK927,315,79979,520
OR11826,621,001225,602
PA18718,736,100100,193
RI9916,598,195167,659
SC16020,256,900126,606
SD091,027,200114,133
TN36936,042,99597,677
TX801101,284,242126,447
UT5220,151,600387,531
VA581127,079,755218,726
VT03469,700156,567
WA21954,086,700246,971
WI15414,689,30995,385
WV384,339,198114,189
WY091,503,200167,022
Total19,6183,308,329,521156,066











View more charts

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Tuesday, October 9, 2007

Comptroller Dugan Urges Improved Underwriting Standards on Third Party Loans

News Release from the Comptroller of the Currency: Comptroller of the Currency John C. Dugan said today that banks need to strengthen their underwriting standards, particularly on loans sold to third party investors.

I am here to say that bank underwriting standards for these products, in many cases, moved too far away from what they would have been if the bank had held those loans on its own books,” Mr. Dugan said in a speech to the American Bankers Association’s Annual Convention.

Mr. Dugan noted the many positive aspects of the “originate-to distribute” model, but said there can be negative effects on underwriting standards, including relaxing significantly the incentives to use caution and prudence in underwriting loans sold to third parties.

“When a bank makes a loan that it plans to hold, the fundamental standard it uses to underwrite the loan is that most basic of credit standards that I’ve already talked about: the underwriting must be strong enough to create a reasonable expectation that the loan will be repaid,” the Comptroller said. “But when a bank makes a loan that it plans to sell, then the credit evaluation shifts in an important way: the underwriting must be strong enough to create a reasonable expectation that the loan can be sold—or put another way, the bank will underwrite to whatever standard the market will bear.”

Comptroller Dugan outlined what needs to be done. “I am here to say that banks need to strengthen their underwriting standards so that they move back towards the fundamental principle of maintaining a reasonable expectation that loans will be repaid, even if the loans are to be sold to third parties – and that goes for mortgage loans, leveraged loans, or any other syndicated credit,” Mr. Dugan said. read more >>