(As of May 1, 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 | 1,182,400 | 197,067 |
| AL | 119 | 12,407,799 | 104,267 |
| AR | 36 | 3,415,700 | 94,881 |
| AZ | 404 | 92,934,400 | 230,036 |
| CA | 4,053 | 1,103,713,800 | 272,320 |
| CO | 280 | 49,756,230 | 177,701 |
| CT | 85 | 15,246,300 | 179,368 |
| DC | 19 | 5,339,100 | 281,005 |
| DE | 14 | 2,154,200 | 153,871 |
| FL | 1,546 | 295,405,797 | 191,077 |
| GA | 750 | 88,782,535 | 118,377 |
| HI | 22 | 9,094,900 | 413,405 |
| IA | 30 | 3,357,100 | 111,903 |
| ID | 37 | 8,211,400 | 221,930 |
| IL | 514 | 72,043,257 | 140,162 |
| IN | 265 | 16,673,721 | 62,920 |
| KS | 36 | 2,941,050 | 81,696 |
| KY | 86 | 7,893,789 | 91,788 |
| LA | 39 | 3,694,700 | 94,736 |
| MA | 243 | 44,115,541 | 181,545 |
| MD | 245 | 70,256,100 | 286,760 |
| ME | 07 | 937,300 | 133,900 |
| MI | 989 | 80,921,058 | 81,821 |
| MN | 384 | 53,100,099 | 138,282 |
| MO | 208 | 16,111,995 | 77,462 |
| MS | 81 | 7,546,455 | 93,166 |
| MT | 05 | 1,670,500 | 334,100 |
| NC | 137 | 22,579,100 | 164,811 |
| ND | 02 | 199,800 | 99,900 |
| NE | 20 | 1,996,000 | 99,800 |
| NH | 50 | 9,754,400 | 195,088 |
| NJ | 88 | 21,497,698 | 244,292 |
| NM | 15 | 1,961,500 | 130,767 |
| NV | 321 | 81,659,544 | 254,391 |
| NY | 141 | 34,022,500 | 241,294 |
| OH | 453 | 27,380,443 | 60,442 |
| OK | 46 | 4,474,400 | 97,270 |
| OR | 68 | 16,426,600 | 241,568 |
| PA | 121 | 11,577,598 | 95,683 |
| RI | 73 | 12,370,900 | 169,464 |
| SC | 51 | 4,752,100 | 93,178 |
| SD | 07 | 585,300 | 83,614 |
| TN | 187 | 18,669,419 | 99,836 |
| TX | 449 | 68,059,298 | 151,580 |
| UT | 34 | 13,044,675 | 383,667 |
| VA | 622 | 159,368,204 | 256,219 |
| WA | 79 | 19,263,098 | 243,837 |
| WI | 86 | 8,767,892 | 101,952 |
| WV | 37 | 5,967,723 | 161,290 |
| WY | 03 | 427,700 | 142,567 |
| Total | 13,593 | 2,613,713,118 | 167,161 |
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7 comments:
The overall trend continues to be down. I wonder how long before the talking heads pick up on this?
Ticker_tape_watcher
I don't know but they must be selling those properties. The average California asking price has dropped from 400,000 to 272,000. That's a 32% drop on the average asking prices!
I wish prices in my neighborhood in California had dropped 32%. In Eureka, prices are only down about 10%, but it appears downward momentum is building.
Anon2,
I had posted back in June a comparison of california reo asking prices. I'll try to do another post like that soon.
Here's a Chart of Phoenix, AZ's, latest Trustee's Sale notices.
Thought you might find it interesting.
I don't believe the numbers CFC is showing for REOs.
I suspect they are slow to list some REOs in high % foreclosure zip codes. Wait, obfuscate, wait, obfuscate.
REO numbers are much, much higher.
Rent-free homeowners keep economy from stumbling
Posted on Sunday, May 4, 2008 at 09:04PM by Schahrzad Berkland | Post a Comment
This year, 93,000 California homeowners received a Notice of Default, meaning they had not paid their mortgage for at least 3 months. Since last September, 145,000 borrowers have the privilege of living rent-free.
If we assume the average mortgage payment is $1500, and the average borrower lives rent-free for 9 months from stopping a mortgage payment to being booted out of his home after the auction, that is (145K * $ 1500 * 9) = about $ 2 billion. Californians have an extra $ 2 billion to spend, because they don't have a mortgage payment. I wonder how bad our budget situation would be, without this boost! (I didn't even add all those not paying their HOA dues or property taxes, but I've seen $25K and up annual property taxes go unpaid for several years.)
So California alone is adding $ 2 billion in additional spending to the economy, as these "mortgage free" homeowners get to use their mortgage payment on movies, clothes, trips, etc.
No wonder the economy is not turning down as quickly as economists had expected. Every dollar not paid on the mortgage, is a loss on another bank's balance sheet, but a gain to a retailer somewhere. The losses are quietly piling up on the banks' books. Just because there has not been a front-page story about bank losses in a few weeks, does not mean all is well. We have to remember, that each foreclosure reported in the news, is another loss to a bank's balance sheet.
I also realize that banks are hoarding their bank owned properties. I counted 6000 REOs on property tax records last week, but only 2200 listed for sale on the MLS: that leaves about 4000 bank owned homes that are being hidden by the banks.
No wonder our inventory has stood steady below 20,000 homes for a few years now. Sellers who are upside down live rent-free for 9 months instead of going on the market for sale sellers who have equity choose to "stay put" or rent their homes, and banks are hoarding homes to prevent taking losses. All this adds to up to a lot of hidden losses, which will come into the pipeline eventually.
In another trend, we see buyers are rejecting the higher end homes. To all those realtors who tell me their high-end area is not going to decline: please wake up. The losses are in the pipeline. You just have to ask the right questions, and it is obvious. Ask: what is the months supply? Anything over 4 months supply predicts price declines. I don't care if you are in Santa Monica. You are not immune from the laws of affordability, supply and demand, gravity.... Your homes went into the bubble-o-sphere, and bubbles pop.
Please keep coming back for more straight talk on real estate.
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