Saturday, May 5, 2007

15,255 Homes Offered For Sale on Countrywide Financial's Website

Total REO Asking Price: $3,099,846,448
(As of February 12, 2008)


Click on state below for detailed listings

State Count Total Asking
Average Asking

View more charts



ticker_tape_watcher said...

Thanks for the update. Six months ago, the talking heads and politicians were saying the subprime problem was not going to spread to the rest of the economy. Now they are making up for it by saying, the sky is falling. My guess (and hope) is the talking heads and politicians are wrong again and the we've seen the bottom.

Dimitris said...


A very interesting perspective, and I agree that the majority in the media are late. I don't think we are at the bottom yet, but it wouldn't surprise me if we are near a bottom in certain areas of the country. Location does matter.

I agree that there are too many negative articles from the media. A lot of reporters now think they are housing experts as they talk doom and gloom, but let's not forget the same ones were then hooraying about a hot housing market in 2005 - even after the bubble had peaked.

Bubble Sitter said...

Do not let the recent change in the graphs fool you. The lenders are so overwhelmed with defaulting inventory they are not foreclosing anymore. This recent 30-day foreclosure moretorium was not created to give the FB's a chance. It was created to give the lenders a breather.

This will do nothing to change the fundamentals of the overpriced housing market, although it will make the stats look better for a short while. I predict that by September 2008, you will see another level downward.

Dimitris said...

Bubble Sitter:

I think that the deflationary force coming from the largest bubble ever in our history is very serious. We are most likely near unchartered territory. But I do believe (and hope) the FED and the government have the tools necessary to help stabilize the pricing of assets at over inflated levels. I know that sounds crazy (stabilize at over inflated levels) . But read the article below and you'll see what I mean. It is an extreme scenario but still a possibility.

NEW YORK (Reuters)
- Fear that a hobbled banking sector may set off another Great Depression could force the U.S. government and Federal Reserve to take the unprecedented step of buying a broad range of assets, including stocks, according to one of the most bearish market analysts.

That extreme scenario, which would aim to stave off deflation and stabilize the economy, is evolving as the base case for Bernard Connolly, global strategist at Banque AIG in London.

In the late 1980s and early 1990's Connolly worked for the European Commission analyzing the European monetary system in the run up to the introduction of the euro currency.

"Avoiding a depression is, unfortunately, going to have to involve either a large, quasi-permanent increase in the budget deficit -- preferably tax cuts -- or restoring overvaluation of equity prices," Connolly said on Monday.

"If conventional monetary policy is not enough to produce that result, the government may have to buy equities, financed by the Fed," Connolly said.

Anonymous said...

So what is the reason behind the recent dip in the foreclosure count? I am in the California market trying to buy in the past 2 years (since Jan 2006) and I have seen slight drops in asking prices but not as it shows in the graph 25% drop, no way. The California asking price chart shows a drop in asking from 400k to 300k. This is truely not the case, at least in the Los Angeles area. We looked at an REO priced at 599k where the bank rejected a 580k offer. It sold for 618 two years ago in the PEAK of the market so based on those charts they should be asking 480k.

Anonymous said...

I've read that Bernanke studied the Great Depression and is also very aware of Japan's real estate bubble back in the 80's which is similar to what we are going through today. If my memory is correct, studies concluded that Japan's central bank did not act fast enough to lower rates. I believe Bernanke and the Feds want to avoid what happened to Japan when their real estate bubble burst and will do whatever it takes, including buying stocks and other assets.


Anonymous said...

Don't read anything into the recent data points being the straightest 4 points on the chart; just a coincidence.

Dimitris said...

Anon#1, The 25% drop in CA is for only for Countrywide REO asking prices. The price slashing began last May. The blog only counts what REO's CW publishes on their site and that's it. The count of homes being foreclosed on by countrywide is much much higher.

The averages are very close to the average foreclosure sales price given by RealtyTrac. However, the median price of a home in California is around 500k. Location matters a great deal, and demand is still there in certain areas as the prices come down.

My *guess* is that the trend in REO inventory could be pointing downwards because of the recent auctions and a higher volume of REO sales as a result of lower pricing .

The trend in homes being foreclosed on is still up, and this includes all lenders. The foreclosure rate may however lose its steam as lenders continue to work out loans. Time will tell on that one.

Dimitris said...


I agree 100%.

Bob in MS said...

Anyone remember a few months back when the published info jumped to about 190,000 properties for a few hours? Does anyone really believe the REO inventory is actually going down? Maybe BofA does (or wants to)! Wife and I are always commenting "its a good time to be old" I really think my grandkids may get to glimpse what life was like in the 12th century.

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Anonymous said...

I'm interested in finding the length of time that properties have been on the books. Not necessarily days on market because they may own something and for whatever reason it's not listed. Do you keep track of that?

Anonymous said...

Don’t believe one optimistic word from any public figure about the economy or humanity in general. They are all part of the problem. Its like a game of Monopoly. In America, the richest 1% now hold 1/2 OF ALL UNITED STATES WEALTH. Unlike 'lesser' estimates, this includes all stocks, bonds, cash, and material assets held by America's richest 1%. Even that filthy pig Oprah acknowledged that it was at about 50% in 2006. Naturally, she put her own 'humanitarian' spin on it. Calling attention to her own 'good will'. WHAT A DISGUSTING HYPOCRITE SLOB. THE RICHEST 1% HAVE LITERALLY MADE WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. Don't fall for all of their 'humanitarian' CRAP. ITS A SHAM. THESE PEOPLE ARE CAUSING THE SAME PROBLEMS THEY PRETEND TO CARE ABOUT. Ask any professor of economics. Money does not grow on trees. The government can't just print up more on a whim. At any given time, there is a relative limit to the wealth within ANY economy of ANY size. So when too much wealth accumulates at the top, the middle class slip further into debt and the lower class further into poverty. A similar rule applies worldwide. The world's richest 1% now own over 40% of ALL WORLD WEALTH. This is EVEN AFTER you account for all of this ‘good will’ ‘humanitarian’ BS from celebrities and executives. ITS A SHAM. As they get richer and richer, less wealth is left circulating beneath them. This is the single greatest underlying cause for the current US recession. The middle class can no longer afford to sustain their share of the economy. Their wealth has been gradually transfered to the richest 1%. One way or another, we suffer because of their incredible greed. We are talking about TRILLIONS of dollars. Transfered FROM US TO THEM. Over a period of about 27 years. Thats Reaganomics for you. The wealth does not 'trickle down' as we were told it would. It just accumulates at the top. Shrinking the middle class and expanding the lower class. Causing a domino effect of socio-economic problems. But the rich will never stop. They will never settle for a reasonable share of ANYTHING. They will do whatever it takes to get even richer. Leaving even less of the pie for the other 99% of us to share. At the same time, they throw back a few tax deductable crumbs and call themselves 'humanitarians'. IT CAN'T WORK THIS WAY. This is going to end just like a game of Monopoly. The current US recession will drag on for years and lead into the worst US depression of all time. The richest 1% will live like royalty while the rest of us fight over jobs, food, and gasoline. Crime, poverty, and suicide will skyrocket. So don’t fall for all of this PR CRAP from Hollywood, Pro Sports, and Wall Street PIGS. ITS A SHAM. Remember: They are filthy rich EVEN AFTER their tax deductable contributions. Greedy pigs. Now, we are headed for the worst economic and cultural crisis of all time. SEND A “THANK YOU” NOTE TO YOUR FAVORITE MILLIONAIRE. ITS THEIR FAULT. I’m not discounting other factors like China, sub-prime, or gas prices. But all of those factors combined still pale in comparison to that HUGE transfer of wealth to the rich. Anyway, those other factors are all related and further aggrivated because of GREED. If it weren’t for the OBSCENE distribution of wealth within our country, there never would have been such a market for sub-prime to begin with. Which by the way, was another trick whipped up by greedy bankers and executives. IT MAKES THEM RICHER. The credit industry has been ENDORSED by people like Oprah, Ellen, Dr Phil, and many other celebrities. IT MAKES THEM RICHER. So don’t fall for their ‘humanitarian’ BS. ITS A SHAM. NOTHING BUT TAX DEDUCTABLE PR CRAP. Bottom line: The richest 1% will soon tank the largest economy in the world. It will be like nothing we’ve ever seen before. and thats just the beginning. Greed will eventually tank every major economy in the world. Causing millions to suffer and die. Oprah, Angelina, Brad, Bono, and Bill are not part of the solution. They are part of the problem. EXTREME WEALTH HAS MADE WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. WITHOUT WORLD PROSPERITY, THERE WILL NEVER BE WORLD PEACE OR ANYTHING EVEN CLOSE. GREED KILLS. IT WILL BE OUR DOWNFALL. Of course, the rich will throw a fit and call me a madman. Of course, their ignorant fans will do the same. You have to expect that. But I speak the truth. If you don't believe me, then copy this entry and run it by any professor of economics or socio-economics. Then tell a friend. Call the local radio station. Re-post this entry or put it in your own words. Be one of the first to predict the worst economic and cultural crisis of all time and explain its cause. WE ARE IN BIG TROUBLE.

Anonymous said...

Feel better now?

Anonymous said...

I've always wondered why someone with powerful connections doesn't get all of the major media outlets to work together to start telling people the market is coming back. (even if it is not)

All it would take is a few major TV Networks and Newspapers to come together on this, and before you know it... the economy would begin to build itself back up.

People rely on News and TV to tell them what to do. Tell them what they want to hear and see how the situation will change when people feel they have something to believe in.

Anonymous said...

I have been trying to buy a Countrywide foreclosed home for weeks but Countrywide has been dragging its heels. You want to know why the market is out of balance? Banks are holding onto these foreclosed homes hoping they rise in value while showing an asset on the books. While the houses sit vacant they are falling apart giving investors a false sense of security while preventing a market recovery by getting paying customers into these houses.

It took 2.5 weeks just to get Countrywide to accept my escrow payments, another 1.5 weeks sign a counter offer, another week to list the house as 'sale pending' and now it could be months before we get escrow open.

If the banks wanted to resolve this problem then they could but they are just as greedy as ever.

Anonymous said...

I'm just learning about government foreclosed homes and found the info and comments here very informative.