(As of March 24, 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 | 05 | 873,500 | 174,700 |
| AL | 104 | 11,233,943 | 108,019 |
| AR | 28 | 3,432,800 | 122,600 |
| AZ | 705 | 156,853,030 | 222,487 |
| CA | 4,370 | 1,276,070,988 | 292,007 |
| CO | 311 | 59,975,302 | 192,847 |
| CT | 83 | 16,655,699 | 200,671 |
| DC | 17 | 5,240,300 | 308,253 |
| DE | 12 | 2,207,900 | 183,992 |
| FL | 1,530 | 322,265,416 | 210,631 |
| GA | 686 | 83,459,086 | 121,660 |
| HI | 23 | 9,674,800 | 420,643 |
| IA | 26 | 2,640,053 | 101,541 |
| ID | 24 | 5,035,000 | 209,792 |
| IL | 472 | 71,565,538 | 151,622 |
| IN | 276 | 17,148,795 | 62,133 |
| KS | 50 | 4,311,550 | 86,231 |
| KY | 74 | 7,361,459 | 99,479 |
| LA | 44 | 4,152,600 | 94,377 |
| MA | 244 | 47,431,809 | 194,393 |
| MD | 213 | 64,261,900 | 301,699 |
| ME | 07 | 864,900 | 123,557 |
| MI | 1,005 | 82,720,369 | 82,309 |
| MN | 371 | 54,751,499 | 147,578 |
| MO | 227 | 18,752,571 | 82,610 |
| MS | 84 | 7,667,338 | 91,278 |
| MT | 10 | 2,666,000 | 266,600 |
| NC | 107 | 14,583,073 | 136,290 |
| ND | 02 | 107,800 | 53,900 |
| NE | 16 | 2,576,400 | 161,025 |
| NH | 69 | 14,089,400 | 204,194 |
| NJ | 95 | 23,417,800 | 246,503 |
| NM | 14 | 2,085,150 | 148,939 |
| NV | 657 | 168,311,198 | 256,181 |
| NY | 133 | 30,987,499 | 232,989 |
| OH | 521 | 29,670,911 | 56,950 |
| OK | 50 | 4,953,700 | 99,074 |
| OR | 45 | 11,106,700 | 246,816 |
| PA | 119 | 11,110,050 | 93,362 |
| RI | 67 | 12,849,409 | 191,782 |
| SC | 52 | 5,188,600 | 99,781 |
| SD | 06 | 689,000 | 114,833 |
| TN | 174 | 17,687,694 | 101,653 |
| TX | 432 | 63,693,971 | 147,440 |
| UT | 29 | 11,216,775 | 386,785 |
| VA | 653 | 181,957,012 | 278,648 |
| WA | 66 | 17,452,400 | 264,430 |
| WI | 66 | 7,330,180 | 111,063 |
| WV | 33 | 5,784,700 | 175,294 |
| WY | 06 | 682,400 | 113,733 |
| Total | 14,413 | 2,976,805,967 | 171,508 |
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8 comments:
Great site and reports!
I think it might make sense to shift focus of your main chart at the beginning of the article to the number of houses, instead of the total asking price.
Countrywide will likely be lowering prices, so it may well be going down while the total number of houses in REO may be going up.
The number dollar-wise that may be of interest is the principal amount of loans in default - this one should be going up nicely. Comparing this number to the total asking price can give an idea of the loss Countrywide is looking at on this inventory. I'd check their report to see what's data is available.
What do you think is the reason for the downtrend in REO? Less foreclosures? Faster sell off?
"...shift focus of your main chart at the beginning of the article to the number of houses.."
I think you misread the main chart. It does list the number of houses. If you click on the chart, it will pop up on a magnified basis. You will see the data clearly.
"....reason for the downtrend in REO...."
Price vs demand. Lower prices = more demand. Econ 101. This is blog is the perfect example. The graphs here show prices are dropping and inventory is selling.
Is countrywide actually doing something positive to reduce the number of foreclosures? Reports I read said that option arm resets were expected to peak this month.
Fantastic stuff on this blog. Is the data in the graphs public? Is it readily accessible? I want to play around with it to get a sense of what is going on, but am not saavy enough to find the data on my own (or rich enough to pay...).
I know of one Countrywide home that still has the realtor's sign (along with "Foreclosure" sign) out front, but it no longer shows up on the Countrywide search. Don't know what that means. Could be in escrow.
Incessant Din,
When CFC puts a house into an auction pool, they remove it from this list. The real estate agent may also remove it from the MLS, but I can not confirm that act.
I noticed on Ben Jones' blog Sunday, that in the Sacramento Valley a lot of homes are scheduled for auction. The article is from the Sacramento Bee newpaper.
“Bidders will have a crack at 397 homes. And that’s just the Sacramento region. In total, more than 1,500 houses in Sacramento, Stockton, Merced, Fresno, San Jose and Oakland will go up for auction in April and early May.”
I would guess that CFC's drop in foreclosure shown on this blog is mostly the result of their adding those houses to the auction lists and removing them from this list.
It is also possible that CFC is seeing some reduction in the total foreclosures on its books, but certainly not the 1000 home reduction you see here.
If you consider that June 2005 was the peak, we are three years into this housing bust. It should take about 2 more years to hit the bottom, based on the experience of the 1990 bust. Then we will drift along the bottom for 2-3 years. There is really no reason to think we are running out of product!
In our area, Countrywide has gotten much better to work with on short sales and we are able to get more of them done with Countrywide than even 6 months ago.
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