Sunday, May 13, 2007

12,185 REO's Offered For Sale on Countrywide Financial's Website

Total REO Asking Price: $2,288,463,654
(As of May 13, 2008)



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

Click on state below for detailed listings
.
State Count Total Asking
Price($)
Average Asking
Price($)
AK061,264,400210,733
AL12112,522,900103,495
AR312,972,41095,884
AZ29766,163,434222,773
CA3,351905,160,393270,117
CO22240,672,278183,208
CT11219,483,700173,962
DC175,130,300301,782
DE162,404,000150,250
FL1,413265,037,454187,571
GA58773,586,834125,361
HI218,166,000388,857
IA283,267,675116,703
ID378,247,628222,909
IL43163,541,076147,427
IN27116,811,27662,034
KS373,018,59081,584
KY766,813,79089,655
LA403,837,60095,940
MA25645,455,637177,561
MD23367,414,499289,333
ME101,203,000120,300
MI97178,765,20381,118
MN29141,852,152143,822
MO18114,490,92780,060
MS797,664,05597,013
MT051,578,500315,700
NC13622,604,810166,212
ND02164,80082,400
NE222,351,250106,875
NH569,569,805170,889
NJ10625,436,898239,971
NM152,046,600136,440
NV30775,788,200246,867
NY14233,376,099235,043
OH42025,649,90561,071
OK403,708,00092,700
OR6515,761,400242,483
PA12512,038,19896,306
RI7211,862,249164,753
SC494,232,30086,373
SD07580,40082,914
TN19919,576,00998,372
TX48972,674,374148,618
UT3412,199,900358,821
VA560138,933,675248,096
WA7318,334,898251,163
WI858,731,600102,725
WV396,021,773154,404
WY02294,800147,400
Total12,1852,288,463,654165,121









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5 comments:

Anonymous said...

Wow! that's quite a drop. There seems to be a disconnect between what Countrywide is listing vs what the news media is reporting. It would be interesting to see an analysis as to why that is.

Wadin' In said...

The list of homes here is not a list of all the Countrywide homes in foreclosure or REO. It is a list of homes Countrywide has foreclosed and are listed for sale by Used Home Sales People (must capitalize the trademarked name!)

CFC does not include on this list the homes they give to the auctioneers to dump in the shill aucitons. What you see here is the fact that CFC no longer has faith in the UHSPs to sell the houses fast enough. They must be resorting more and more to auctions for the bulk of their inventory. Thus the UHSP, whose business is already hurting, are now getting cut out of the loop on the bulk of the REO sales.

There is only one problem now. The auctions are not working either. The auction buyers are realizing the auctions use shill bidders and the real bidders are not hitting the reserve prices. Many homes supposedly "auctioned" are coming back 2 and 3 times.

Thus the inventory is overwhelming, the UHSP are aced out of the commissions, and the lenders are getting stuck with more and more inventory.

These are dangerous times.

Anonymous said...

Don't think for one second that the numbers are declining--no way.

Anonymous said...

Please allow me to offer an important bit of advice: Prepare for Rainy Days!

Illness, job loss and /or divorce can happen to the best of us. It's nothing that we wish for…however life happens!

There is a great book that I would like to recommend called, " The Game of Foreclosure and How to Play It." It can be found by visiting the following link: http://www.lulu.com/content/1197270.

The examples that are related to Texas in the workbook; yet the laws for all states can be found at www.liveforeclosurehelponline.com. All other information is general and can be used from state-to-state.

It is my view that borrowers should receive this information early on in the buying process. As you know, foreclosure is a stressful and very private matter. Therefore, many homeowners freeze up and stop communicating if they become late on mortgage payments. It truly seems as though they would fair better if the information was readily available prior to an issue. For example, a book that they can keep with their important house papers. What are your thoughts?

Annie said...

I don't know about CA, but most of the Florida foreclosures are from "forced placed flood insurance." 2, 3, sometimes even 4 policies are purchased before the client gets hit with the raise in mortgage payment, usually $250+ per month. They can no longer afford the payments, and anything less is rejected, putting CW in the stance that "they quit making their payments" making it look like all the homeowners are dead beats.