(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($) | Average Asking Price($) |
AK | 06 | 1,264,400 | 210,733 |
AL | 121 | 12,522,900 | 103,495 |
AR | 31 | 2,972,410 | 95,884 |
AZ | 297 | 66,163,434 | 222,773 |
CA | 3,351 | 905,160,393 | 270,117 |
CO | 222 | 40,672,278 | 183,208 |
CT | 112 | 19,483,700 | 173,962 |
DC | 17 | 5,130,300 | 301,782 |
DE | 16 | 2,404,000 | 150,250 |
FL | 1,413 | 265,037,454 | 187,571 |
GA | 587 | 73,586,834 | 125,361 |
HI | 21 | 8,166,000 | 388,857 |
IA | 28 | 3,267,675 | 116,703 |
ID | 37 | 8,247,628 | 222,909 |
IL | 431 | 63,541,076 | 147,427 |
IN | 271 | 16,811,276 | 62,034 |
KS | 37 | 3,018,590 | 81,584 |
KY | 76 | 6,813,790 | 89,655 |
LA | 40 | 3,837,600 | 95,940 |
MA | 256 | 45,455,637 | 177,561 |
MD | 233 | 67,414,499 | 289,333 |
ME | 10 | 1,203,000 | 120,300 |
MI | 971 | 78,765,203 | 81,118 |
MN | 291 | 41,852,152 | 143,822 |
MO | 181 | 14,490,927 | 80,060 |
MS | 79 | 7,664,055 | 97,013 |
MT | 05 | 1,578,500 | 315,700 |
NC | 136 | 22,604,810 | 166,212 |
ND | 02 | 164,800 | 82,400 |
NE | 22 | 2,351,250 | 106,875 |
NH | 56 | 9,569,805 | 170,889 |
NJ | 106 | 25,436,898 | 239,971 |
NM | 15 | 2,046,600 | 136,440 |
NV | 307 | 75,788,200 | 246,867 |
NY | 142 | 33,376,099 | 235,043 |
OH | 420 | 25,649,905 | 61,071 |
OK | 40 | 3,708,000 | 92,700 |
OR | 65 | 15,761,400 | 242,483 |
PA | 125 | 12,038,198 | 96,306 |
RI | 72 | 11,862,249 | 164,753 |
SC | 49 | 4,232,300 | 86,373 |
SD | 07 | 580,400 | 82,914 |
TN | 199 | 19,576,009 | 98,372 |
TX | 489 | 72,674,374 | 148,618 |
UT | 34 | 12,199,900 | 358,821 |
VA | 560 | 138,933,675 | 248,096 |
WA | 73 | 18,334,898 | 251,163 |
WI | 85 | 8,731,600 | 102,725 |
WV | 39 | 6,021,773 | 154,404 |
WY | 02 | 294,800 | 147,400 |
Total | 12,185 | 2,288,463,654 | 165,121 |
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5 comments:
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.
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.
Don't think for one second that the numbers are declining--no way.
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?
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.
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