15,108 Homes Offered For Sale on Countrywide Financial's Website

Total REO Asking Price: $2,707,749,339
(As of August 11, 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	07	1,470,300	210,043
AL	143	16,982,348	118,758
AR	38	3,399,900	89,471
AZ	722	131,961,160	182,772
CA	3,738	916,042,431	245,062
CO	209	41,664,784	199,353
CT	156	26,734,199	171,373
DC	21	5,929,899	282,376
DE	23	3,659,900	159,126
FL	1,839	340,637,706	185,230
GA	694	84,196,986	121,321
HI	40	15,085,700	377,143
IA	39	4,554,700	116,787
ID	51	14,928,850	292,723
IL	709	103,819,667	146,431
IN	287	17,334,302	60,398
KS	48	5,233,767	109,037
KY	88	7,388,648	83,962
LA	47	5,571,300	118,538
MA	251	41,081,675	163,672
MD	280	74,116,611	264,702
ME	17	1,782,300	104,841
MI	1,102	89,247,755	80,987
MN	464	70,613,256	152,184
MO	220	20,631,720	93,781
MS	90	10,899,762	121,108
MT	08	1,775,200	221,900
NC	161	28,851,798	179,204
ND	02	159,800	79,900
NE	15	2,068,500	137,900
NH	81	14,693,549	181,402
NJ	190	42,138,261	221,780
NM	26	4,192,500	161,250
NV	488	101,698,800	208,399
NY	169	39,944,291	236,357
OH	397	25,314,925	63,766
OK	54	4,812,600	89,122
OR	72	18,353,500	254,910
PA	133	17,313,336	130,175
RI	91	15,052,199	165,409
SC	95	13,913,563	146,459
SD	08	848,300	106,038
TN	260	26,718,111	102,762
TX	592	82,695,449	139,688
UT	48	17,368,200	361,838
VA	631	147,276,989	233,403
WA	117	31,779,300	271,618
WI	116	11,177,456	96,357
WV	29	4,323,286	149,079
WY	02	309,800	154,900
Total	15,108	2,707,749,339	166,896

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Experian: Fifty Percent of Consumers Are Uncomfortable Making a Major Purchase in the Next Three Months

According to the latest Experian-Gallup Personal Credit Index consumers don't plan on making any significant purchases (homes, cars, plasma TV's, granite countertops, etc...) any time soon. What's interesting to note about this survey is that consumer credit perceptions have been negatively impacted by the subprime mortgage fallout along with rising foreclosures, and the recent spike in long-term interest rates.

From Experian: “Key results on consumer attitudes toward the mortgage market include:

* 58 percent believe the problems in the subprime mortgage market will affect the overall mortgage market, while 24 percent feel the problems will be contained.
* 61 percent of consumers who are very familiar with subprime mortgage loans believe the problems in the subprime mortgage market will spill over into the overall mortgage market.
* 55 percent believe the federal government should pass new legislation helping subprime borrowers keep their homes and avoid foreclosure.

Overall, about 52 percent of consumers surveyed feel the average price of homes in their area will increase over the next year, while 29 percent believe prices will remain about the same. Eighteen percent of consumers expect that prices in their area will decrease.

Among homeowners, 50 percent believe that average prices will increase, while 32 percent feel they will stay about the same.” read full article >>

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13,878 Homes Offered For Sale on Countrywide Financial's Website

Total REO Asking Price: $2,469,313,620
(As of July 22, 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	08	1,916,200	239,525
AL	130	14,507,099	111,593
AR	29	2,401,000	82,793
AZ	611	114,579,346	187,528
CA	3,378	832,280,975	246,383
CO	194	39,233,200	202,233
CT	151	26,446,099	175,140
DC	20	5,468,290	273,415
DE	18	2,776,200	154,233
FL	1,741	312,350,100	179,408
GA	662	79,139,438	119,546
HI	29	10,470,400	361,048
IA	31	3,956,850	127,640
ID	42	10,926,400	260,152
IL	604	87,811,655	145,384
IN	283	16,663,586	58,882
KS	49	5,222,450	106,581
KY	91	7,846,850	86,229
LA	37	4,714,300	127,414
MA	275	44,928,405	163,376
MD	271	74,060,549	273,286
ME	17	1,726,300	101,547
MI	1,035	81,133,412	78,390
MN	448	68,998,000	154,013
MO	194	18,355,230	94,615
MS	82	10,376,747	126,546
MT	08	1,878,200	234,775
NC	134	23,730,572	177,094
ND	03	249,700	83,233
NE	11	2,037,900	185,264
NH	77	13,879,850	180,258
NJ	162	37,254,462	229,966
NM	22	3,381,800	153,718
NV	503	104,757,941	208,266
NY	154	35,979,561	233,634
OH	417	25,514,823	61,187
OK	41	4,629,000	112,902
OR	57	14,182,400	248,814
PA	114	14,210,120	124,650
RI	89	15,466,299	173,779
SC	84	10,701,700	127,401
SD	08	922,300	115,288
TN	215	21,245,644	98,817
TX	507	69,923,906	137,917
UT	35	12,732,701	363,791
VA	570	135,546,373	237,801
WA	99	26,501,800	267,695
WI	100	10,051,287	100,513
WV	35	5,621,500	160,614
WY	03	624,700	208,233
Total	13,878	2,469,313,620	169,250

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The Mortgage Lender Implode-O-Meter reaches 100!

100 173 Major U.S. Lenders Have ‘Imploded’

From Implode-O-Meter (A popular web site that tracks failing or "imploded" lenders): “This is our list of lending operations that have ‘imploded’ (see also ailing lenders). ‘Imploded’ is somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or ‘firesale’ acquisition. Important: All information here is provisional. If you are planning on doing business with any of these companies you should inquire with them on whether they can still meet your needs. Many are still operating in some capacity.

“The Companies include all types (prime, subprime, or a mix of both; retail or wholesale; subsidiaries and entire companies). The list, with links to stories and whatever details we have available (most recent first) follows:”

Number 100: CIT Home Lending

“CIT Group, a major conglomerate lending and investment shop, is exiting the home lending business entirely, after taking an ‘unexpected’ (hah!) loss of $127 million in the second quarter.” read more >>

Update: 173

Bear Stearns hedge funds worthless

The Telegraph reports: “Two struggling Bear Stearns hedge funds that ran into difficulties after making large bets on the troubled US sub-prime mortgage market now contain ‘very little’ or ‘effectively no value’ for investors, according to the Wall Street firm.”

“In a letter to clients, Bear Stearns, which had to pump $1.6bn (£800m) into the funds last month to stop them collapsing, said that it was seeking ‘an orderly wind-down of the funds over time’.”

“In what it described as ‘a difficult development for investors’, the bank said ‘there is effectively no value left’ for investors in its Enhanced Leverage Fund and ‘very little value left’ for investors in its High-Grade Fund.” read more >>

Letter sent to investors: Dear Client of Bear, Stearns & Co. Inc, ... read letter >>

Bear Stearns shifted the blame from subprime mortgage to “unprecedented declines in the valuations of highly-rated securities.” The two funds have been in the news for weeks after suffering heavy losses. Bear sent the letter to investors yesterday.

Two-Thirds of Americans Believe Mortgage Product Advertising and Marketing Lacks Credibility

A report from Harris Interactive: “Given all the negativity surrounding the sub-prime mortgage marketplace, it is no surprise that consumers have questioned the credibility of the current marketing and advertising for mortgage products. Just one-third of US adults (34%) view the advertising and marketing of mortgage products as credible, with the majority (66%) viewing it as not credible. In fact, one in five adults (22%) report that they view the advertising and marketing of these products as ‘not at all credible.’”

“These numbers have significant implications for the type of trust the American public has in financial institutions. When probed further about their perceptions of the financial institutions that provide mortgages, only one-quarter (27%) of U.S. adults report favorable perceptions, with just three percent saying their perceptions are very favorable. ‘Given the large proportion of consumers who are riding the fence, now more than ever would be a good time for these institutions to examine their mortgage product advertising and marketing messages,’ says Sanford Brumley, Vice President of Client Development for the Harris Interactive Financial Services Group.” read more >>

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