Countrywide Foreclosures Blog

5,959 Homes Offered For Sale on Bank of America (Countrywide) Website

noreply@blogger.com (Dimitris) — Wed, 07 Oct 2009 07:13:00 +0000

Total REO Asking Price: $941,083,901
(As of October 7, 2009)
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	12	2,244,800	187,067
AL	127	18,947,870	149,196
AR	37	4,064,200	109,843
AZ	190	28,948,999	152,363
CA	1,278	299,602,269	234,431
CO	116	21,000,599	181,040
CT	34	8,576,499	252,250
DC	15	3,437,500	229,167
DE	09	967,200	107,467
FL	400	51,611,056	129,028
GA	283	29,506,982	104,265
HI	40	16,958,536	423,963
IA	20	1,977,500	98,875
ID	58	10,395,700	179,236
IL	245	32,827,196	133,989
IN	119	7,972,696	66,997
KS	47	3,374,499	71,798
KY	45	3,183,615	70,747
LA	37	4,856,992	131,270
MA	64	9,128,301	142,630
MD	127	25,665,531	202,091
ME	18	1,182,699	65,706
MI	345	21,712,506	62,935
MN	180	25,092,899	139,405
MO	109	11,415,399	104,728
MS	52	5,170,200	99,427
MT	21	6,781,300	322,919
NC	135	19,967,988	147,911
ND	04	277,600	69,400
NE	11	1,225,900	111,445
NH	31	4,836,700	156,023
NJ	79	14,208,300	179,852
NM	12	2,017,451	168,121
NV	134	20,626,300	153,928
NY	140	27,183,599	194,169
OH	125	8,506,714	68,054
OK	62	6,440,301	103,876
OR	78	18,313,600	234,790
PA	82	7,529,949	91,829
RI	20	2,055,000	102,750
SC	60	6,222,893	103,715
SD	08	1,262,100	157,763
TN	132	18,531,845	140,393
TX	381	45,514,298	119,460
UT	45	10,947,471	243,277
VA	172	29,993,799	174,383
VT	02	553,800	276,900
WA	120	27,653,550	230,446
WI	67	7,292,600	108,845
WV	29	3,120,800	107,614
WY	02	197,800	98,900
Total	5,959	941,083,901	150,915

View more charts
.

Bush: 'An Extraordinary Period For America's Economy'

noreply@blogger.com (Dimitris) — Sun, 28 Sep 2008 19:11:00 +0000

And if you watched the clip... be sure to read Roubini's latest for a better definition of 'extraordinary': Is Purchasing $700 billion of Toxic Assets the Best Way to Recapitalize the Financial System? No! It is Rather a Disgrace and Rip-Off Benefitting only the Shareholders and Unsecured Creditors of Banks

"So this rescue plan is a huge and massive bailout of the shareholders and the unsecured creditors of the financial firms (not just banks but also other non bank financial institutions); with $700 billion of taxpayer money the pockets of reckless bankers and investors have been made fatter under the fake argument that bailing out Wall Street was necessary to rescue Main Street from a severe recession. Instead, the restoration of the financial health of distressed financial firms could have been achieved with a cheaper and better use of public money."

emphasis added

And a video clip below of Jim Rogers calling Paulson's Plan 'Welfare for the Rich':

.

BIS Warns on Global Economy: A Deeper and More Protracted Downturn.

noreply@blogger.com (Dimitris) — Mon, 30 Jun 2008 10:27:00 +0000

The BIS, also known as the Central Bank of Central Banks, is one of the most respected economic institutions. Prior to the start of the subprime crisis, I had posted an article where the BIS warned and in essence, predicted this current crisis. Now, the BIS is warning again. This time, with the threat of deflation!

BIS:

"The eventual global slowdown could prove to be much greater and longer lasting than would be required to keep inflation under control. This could potentially even lead to deflation, which would evidently be less welcome."

"In the aftermath of a long credit-driven boom, it would not be surprising to see turmoil in financial markets, slowing real growth and temporarily rising inflation."

The Fed also believes that inflationary pressures will eventually come down as growth slows. The only difference being that a rebound in growth seems unlikely as this recession could last well over a year. Professor Shiller is not kidding when he says more stimulus will be needed. See: One Rebate Isn't Enough - New York Times

Inflation will probably still be the main theme this month, as the oil bubble (a.k.a. "oil crisis") continues to dominate. The price of a barrel of oil could easily spike to $200 if the conflict with Iran escalates within the next few weeks. If this be the case, then Professor Roubini deserves some serious credit for making the call. See: Rising Risk of a Military Confrontation between Israel and Iran? - Nouriel Roubini

It seems quite possible that a coordinated effort among central banks could be in the cards. See: BIS slams central banks, warns of worse crunch to come - UK Telegraph

About BIS
The Bank for International Settlements (or BIS) is an international organization of central banks which exists to foster cooperation among central banks and other agencies in pursuit of monetary and financial stability. It carries out its work through subcommittees, the secretariats it hosts, and through its annual General Meeting of all members. The BIS also provides banking services, but only to central banks, or to international organizations like itself. Based in Basel, Switzerland, the BIS was established by the Hague agreement of 1930

BIS 78th Annual Report (30 June 2008)

Over One Million Homes In Foreclosure

noreply@blogger.com (Dimitris) — Thu, 05 Jun 2008 15:12:00 +0000

A grim first quarter report from the Mortgage Bankers Association's shows the housing crisis is getting worse. Mortgage delinquencies rose in the first quarter to 6.35%.

From CNN:

The Mortgage Bankers Association's first quarter report showed that a record 2.5% of all home loans being serviced by its members are now in foreclosure, which works out to about 1.1 million homes. That's up from the 2% of loans, or about 938,000 homes, that were in foreclosure at the end of 2007.

The report also showed that 448,000 homes, or about 1% of loans being serviced, began the foreclosure process during the first quarter. That's up from about 382,000 homes, or 0.83%, that entered foreclosure in the last three months of 2007.

This marks the sixth straight quarter in which a record percentage of loans went into foreclosure. The trend has led to widespread declines in home prices, as well as huge losses for banks and other financial firms that issued or invested in the loans.

Read full article >>

The problems in California and Florida are extraordinary and they are the main drivers of the national trend. The quarterly rate of foreclosure starts on subprime ARM loans in California was 9.24 percent. This rate, combined with Florida’s rate of 8.25 percent, drove up the national average foreclosure start rate to the point where 43 states were below the national average of 6.32 percent. California saw a total of approximately 109,000 foreclosure starts and Florida 77,000. The next highest states were Texas, Michigan and Ohio with between 24,000 and 20,000 each.

Here's a direct link to latest MBA National Delinquency Survey.

.

It ‘Makes No Sense’ To Continue Paying The Mortgage When The Value Of Your Home Stops Going Up.

noreply@blogger.com (Dimitris) — Tue, 29 Jan 2008 01:11:00 +0000

60 Minutes On The New Logic Behind Foreclosures.

Okay, I'm kidding but Stephanie Valdez is not. Matt and Stephanie Valdez are a couple who can afford to continue paying their mortgage payments but see no point in making them. Is it really worth it to continue making payments on an underwater mortgage and at 11% [usury] interest rate? “There is a certain cold logic to just walking away”, says Steve Kroft.

But Matt and Stephanie Valdez say they knew exactly what they were doing when they bought a small two-bedroom for $355,000. They could afford the initial payments and planned to refinance the mortgage before the interest rate jumped to 11 percent. But they couldn't do it because the value of the house had fallen below what they owed on the mortgage. They say they can afford the higher payments, but see no point in making them.

"The house keeps going down, payments keep going up. Where's the logic in that? And how can we fix it? I mean, that's what this whole thing's about for us is how can we fix this? And if we can't fix it, then what do we do?" Matt Valdez asks.

"Why pay a $3,200 payment on a 1200-square-foot home? It makes no sense," Stephanie Valdez adds.

"That's what you agreed to do when you bought the house," Kroft points out.

"Fine. If the value is going up. But we're not going anywhere. The price or the value is going down. It makes no sense because we will never be able to refinance and get a lower payment. There's no way," Stephanie Valdez replies.

"You're saying, essentially, that you're going to stop making payments on it? You're just gonna let it go into foreclosure?" Kroft asks.

"You know, that's the only advice we've gotten so far is walk away from the home. We don't want to do that to our credit. Why can't our mortgage company work with us?" she says.

The full video does a nice job at explaining the whole ponzi scheme. Also from Mish's Global Economic Trend Analysis: Does 60 Minutes Legitimize Walking Away?

.

Over 2,000 bank owned homes to be auctioned off in California starting this weekend (Jan 26 - Feb 24)

noreply@blogger.com (Dimitris) — Thu, 24 Jan 2008 08:17:00 +0000

It appears that REDC (US Home Auctions) is going to be quite busy this month and earning some nice commissions (5% “Buyers Premium”). If you visit their site and click on an area, there is a detailed break down on all the homes being offered and an option to download them to an excel file. REDC also lists what the previous REO asking prices were. Adding up that column comes up to about $650 million worth of REO that "MUST BE SOLD" in one month (11 auctions). Lenders are now in liquidation mode as foreclosures continue to climb. (Dataquick: California Foreclosure Activity Still Rising)

While obvious that we still haven't hit the "bottom" yet as far as home prices are concerned, and according to a Merrill Lynch report, home prices will drop another 15 percent this year, and declines will continue in 2009. The unknown is just how serious will the upcoming recession be? The FED is in full battle now in fighting against a monstrous deflationary force caused from the collapse of the housing bubble.

Should I buy yet? It really depends on your area. Real estate is local to a greater extent, just make sure you get a good deal, and by that I mean a very good deal. If you can negotiate a good price and intend to live there, I'm guessing you should be okay (yes, i did say guessing). Mortgage rates are at a 2 year low and expected to come down even further. This will make a difference and will bring in a lot of people who were on the sidelines back into the market. Okay, I'm starting to sound like a Realtor(TM) now. Simply put, I don't believe you should put your life on hold waiting for the absolute bottom and in some areas it may not turn out as you expect.

Be sure to do your homework and figure out what a property would rent for and and compare that to what your monthly mortgage payments would be. Here's a calculator from the New York Times and another one from the Center for Economic and Policy Research (2005). If you are looking to buy and flip a house, then be sure to check out one of my favorite sites on flipping houses. Good Luck to all those attending the auctions and be very careful on how you bid.

Update: (And thanks Bubble Sitter for posting this)

“US Home Auctions allow SHILL BIDDING. The quote below is right out if their brochure (and this is the second time I have posted this quote on your web site):”

“On page 122 paragraph 3, I quote verbatim: ‘Except where prohibited by law, the Auctioneer may open bidding on any property by placing a bid on behalf of the Seller and may further bid on behalf of the Seller, up to the amount of the reserve price, by placing successive or consecutive bids for a Property, or by placing bids in response to other bidders.’”

“Your advice to be very careful is right on the mark. US Home Auctions wants to get the bidding going and get people invested in time and effort, then PUMP THEM UP!”

“BE CAREFUL INDEED.”

15,905 Homes Offered For Sale on Countrywide Financial's Website

noreply@blogger.com (Dimitris) — Wed, 23 Jan 2008 16:28:00 +0000

Total REO Asking Price: $2,547,478,845
(As of 2/18/2008)

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	36	7,955,499	220,986
AL	183	24,714,277	135,051
AR	72	6,566,077	91,196
AZ	956	136,108,198	142,373
CA	4,240	961,105,871	226,676
CO	241	45,855,294	190,271
CT	113	20,450,963	180,982
DC	34	6,545,590	192,517
DE	24	4,101,800	170,908
FL	1,459	193,116,117	132,362
GA	818	94,784,411	115,873
HI	57	20,347,800	356,979
IA	57	5,227,014	91,702
ID	82	20,267,900	247,170
IL	588	74,681,105	127,009
IN	263	18,277,998	69,498
KS	59	6,609,250	112,021
KY	105	8,930,485	85,052
LA	56	5,833,482	104,169
MA	210	34,256,084	163,124
MD	268	57,284,698	213,749
ME	39	3,122,190	80,056
MI	876	60,464,073	69,023
MN	425	61,016,587	143,568
MO	217	19,047,519	87,777
MS	97	10,641,054	109,702
MT	17	3,981,299	234,194
NC	277	38,019,489	137,254
ND	02	59,800	29,900
NE	23	2,196,800	95,513
NH	79	12,577,098	159,204
NJ	201	38,036,992	189,239
NM	38	5,502,099	144,792
NV	950	147,176,146	154,922
NY	203	45,590,398	224,583
OH	369	23,110,259	62,629
OK	108	9,780,890	90,564
OR	122	26,406,100	216,443
PA	174	18,132,394	104,209
RI	90	10,121,496	112,461
SC	139	21,198,270	152,506
SD	12	1,542,800	128,567
TN	262	25,615,547	97,769
TX	531	73,038,152	137,548
UT	63	20,237,900	321,237
VA	317	56,355,686	177,778
VT	05	661,501	132,300
WA	210	48,759,099	232,186
WI	103	8,488,799	82,416
WV	27	2,531,295	93,752
WY	08	1,047,200	130,900
Total	15,905	2,547,478,845	147,111

View more charts.

.

11,453 Homes Offered For Sale on Countrywide Financial's Website

noreply@blogger.com (Dimitris) — Mon, 21 Jan 2008 13:40:00 +0000

Total REO Asking Price: 1,845,595,537
(As of April 6, 2009)

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	29	5,376,700	185,403
AL	162	22,914,886	141,450
AR	57	5,687,299	99,777
AZ	658	97,732,200	148,529
CA	2,694	637,381,149	236,593
CO	161	26,520,897	164,726
CT	90	15,674,666	174,163
DC	27	5,769,198	213,674
DE	22	3,490,800	158,673
FL	985	125,282,569	127,190
GA	533	64,780,416	121,539
HI	66	23,392,900	354,438
IA	33	2,595,500	78,652
ID	79	19,587,000	247,937
IL	432	53,450,741	123,729
IN	192	11,592,292	60,377
KS	39	3,943,000	101,103
KY	84	8,095,699	96,377
LA	47	6,065,393	129,051
MA	127	21,500,197	169,293
MD	219	44,804,972	204,589
ME	21	1,374,896	65,471
MI	688	48,810,794	70,946
MN	323	47,278,294	146,372
MO	133	11,883,100	89,347
MS	80	7,761,294	97,016
MT	16	5,410,400	338,150
NC	217	32,126,696	148,049
ND	04	489,600	122,400
NE	26	2,525,300	97,127
NH	34	5,565,599	163,694
NJ	160	32,604,992	203,781
NM	35	4,788,298	136,809
NV	809	120,744,634	149,252
NY	176	36,756,195	208,842
OH	256	16,796,590	65,612
OK	90	10,011,999	111,244
OR	107	21,609,317	201,956
PA	116	11,867,598	102,307
RI	63	6,692,201	106,225
SC	107	20,075,698	187,623
SD	09	947,099	105,233
TN	188	22,213,550	118,157
TX	443	59,721,445	134,811
UT	69	20,980,999	304,072
VA	281	47,952,881	170,651
VT	04	405,600	101,400
WA	159	33,147,199	208,473
WI	80	7,223,100	90,289
WV	19	1,799,095	94,689
WY	04	392,600	98,150
Total	11,453	1,845,595,537	148,537

Note: California Average REO Asking Prices have increased +4.2% from last month, and are down -41% from their peak of $400,000.

.

Bank of America in talks to acquire Countrywide Financial

noreply@blogger.com (Dimitris) — Thu, 10 Jan 2008 19:57:00 +0000

From the Wall Street Journal:

“Bank of America Corp. is in advanced talks to acquire struggling Countrywide Financial Corp., according to people familiar with the situation.”

“It isn't clear how quickly a deal might be struck, but two people familiar with the matter said it could occur very soon. It also is possible that an agreement could be delayed or fall apart altogether.”

“The market value of Countrywide has plunged to about $3 billion, which represents about two months' profit for Bank of America. The Charlotte, N.C., bank paid ...”

Read full article [WSJ subscription needed]

Countrywide has been struggling with the U.S. housing slump, and on Wednesday said foreclosures and late payments among home loans for which it collects payments rose to the highest levels on record in December.

"‘Somebody is going to have to absorb the massive losses in right-positioning Countrywide,’ said Sean Egan, managing director of credit-rating firm Egan-Jones Ratings Co. ‘It can be done, but the cost is going to be exorbitant. From Countrywide's perspective, it is their best chance for salvation.’"

Shares of Countrywide Financial (CFC) surged 51% to 7.77.

.

20,255 Homes Offered For Sale on Countrywide Financial's Website

noreply@blogger.com (Dimitris) — Tue, 08 Jan 2008 20:45:00 +0000

Total REO Asking Price: $3,270,467,911
(As of January 15, 2009)

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	29	7,053,100	243,210
AL	222	31,587,987	142,288
AR	81	7,407,299	91,448
AZ	1,194	177,853,550	148,956
CA	5,595	1,258,408,604	224,917
CO	318	57,334,897	180,298
CT	146	26,356,293	180,523
DC	36	7,555,495	209,875
DE	21	3,518,099	167,529
FL	1,764	250,986,059	142,282
GA	1,061	121,468,800	114,485
HI	68	24,009,300	353,078
IA	70	6,349,101	90,701
ID	98	24,770,200	252,757
IL	773	103,479,869	133,868
IN	309	18,962,045	61,366
KS	71	7,417,800	104,476
KY	131	9,830,884	75,045
LA	71	7,410,797	104,377
MA	245	41,349,387	168,773
MD	297	67,720,914	228,017
ME	42	3,597,796	85,662
MI	1,147	75,918,719	66,189
MN	473	65,697,562	138,895
MO	307	28,433,998	92,619
MS	121	12,875,994	106,413
MT	25	5,404,500	216,180
NC	344	46,268,692	134,502
ND	02	137,800	68,900
NE	32	2,523,800	78,869
NH	116	19,004,796	163,834
NJ	250	49,741,987	198,968
NM	53	7,194,500	135,745
NV	1,174	194,092,405	165,326
NY	239	51,102,494	213,818
OH	483	27,411,686	56,753
OK	120	10,545,414	87,878
OR	154	32,842,700	213,264
PA	224	23,134,342	103,278
RI	112	13,282,194	118,591
SC	160	24,699,397	154,371
SD	10	1,094,000	109,400
TN	329	33,137,087	100,721
TX	742	97,021,370	130,757
UT	68	23,757,200	349,371
VA	460	83,483,501	181,486
VT	05	711,500	142,300
WA	240	56,847,300	236,864
WI	172	14,699,700	85,463
WV	40	3,665,097	91,627
WY	11	1,309,900	119,082
Total	20,255	3,270,467,911	148,341

View more charts.

.

Crisis may make 1929 look like a 'walk in the park'

noreply@blogger.com (Dimitris) — Sun, 23 Dec 2007 23:27:00 +0000

From the UK Telegraph:

“As central banks continue to splash their cash over the system, so far to little effect, Ambrose Evans-Pritchard argues things are rapidly spiralling out of their control.”

“Twenty billion dollars here, $20bn there, and a lush half-trillion from the European Central Bank at give-away rates for Christmas. Buckets of liquidity are being splashed over the North Atlantic banking system, so far with meagre or fleeting effects.”

“As the credit paralysis stretches through its fifth month, a chorus of economists has begun to warn that the world's central banks are fighting the wrong war, and perhaps risk a policy error of epochal proportions.”

“‘Liquidity doesn't do anything in this situation," says Anna Schwartz, the doyenne of US monetarism and life-time student (with Milton Friedman) of the Great Depression.’”

“‘It cannot deal with the underlying fear that lots of firms are going bankrupt. The banks and the hedge funds have not fully acknowledged who is in trouble. That is the critical issue," she adds.’”

“Lenders are hoarding the cash, shunning peers as if all were sub-prime lepers. Spreads on three-month Euribor and Libor - the interbank rates used to price contracts and Club Med mortgages - are stuck at 80 basis points even after the latest blitz. The monetary screw has tightened by default.”

read full article >>

.

The Mortgage Lender Implode-O-Meter reaches 200!

noreply@blogger.com (Dimitris) — Mon, 10 Dec 2007 22:39:00 +0000

200 Major U.S. Lenders Have ‘Imploded’

From Implode-O-Meter (A popular web site that tracks failing or "imploded" lenders):

"Imploded" lenders: The "imploded" status 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 a "firesale" acquisition. The Companies include all types (prime, subprime, or a mix of both; retail or wholesale; subsidiaries and entire companies). Note: Companies listed here may still be operating in some capacity; check with them before making assumptions.

Ailing lenders haven't shut down, but they're significantly scaling back or are (or recently have been) in manifest financial, legal, or operational distress. Unfortunately, most of the industry now falls under this description, so we are forced to reserve this list for the more glaring cases or those which we happen to have more specific info about.

Click here for the whole list of imploded lenders and for the latest news and commentary on the mortgage industry.

21,397 Homes Offered For Sale on Countrywide Financial's Website

noreply@blogger.com (Dimitris) — Mon, 12 Nov 2007 14:23:00 +0000

Total REO Asking Price: $3,588,051,552
(As of November 12, 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	18	4,272,300	237,350
AL	229	28,656,184	125,136
AR	75	6,166,100	82,215
AZ	1,224	192,541,650	157,305
CA	5,965	1,403,126,403	235,227
CO	309	58,667,987	189,864
CT	150	27,248,298	181,655
DC	29	6,985,098	240,865
DE	23	3,613,696	157,117
FL	2,216	319,508,440	144,183
GA	1,086	123,665,956	113,873
HI	55	20,864,000	379,345
IA	65	6,264,500	96,377
ID	91	21,915,900	240,834
IL	781	111,028,162	142,162
IN	335	20,624,593	61,566
KS	69	8,166,100	118,349
KY	140	12,133,897	86,671
LA	68	8,306,998	122,162
MA	282	46,664,052	165,475
MD	284	70,108,452	246,861
ME	47	4,555,897	96,934
MI	1,172	77,242,733	65,907
MN	450	64,222,218	142,716
MO	328	31,248,200	95,269
MS	109	11,495,885	105,467
MT	14	3,148,200	224,871
NC	397	56,862,539	143,231
ND	03	161,700	53,900
NE	35	3,052,500	87,214
NH	120	21,350,494	177,921
NJ	245	52,755,296	215,328
NM	44	5,894,399	133,964
NV	1,161	214,850,790	185,057
NY	225	45,574,830	202,555
OH	495	31,549,878	63,737
OK	112	8,982,098	80,197
OR	123	26,739,001	217,390
PA	207	22,766,595	109,984
RI	112	17,590,881	157,061
SC	165	22,252,495	134,864
SD	10	1,079,000	107,900
TN	375	37,393,261	99,715
TX	892	114,247,717	128,080
UT	63	21,893,400	347,514
VA	560	115,700,181	206,607
VT	03	479,700	159,900
WA	227	54,149,400	238,544
WI	160	14,129,400	88,309
WV	39	4,595,098	117,823
WY	10	1,559,000	155,900
Total	21,397	3,588,051,552	154,283

View more charts.

.

Over 1000 bank owned homes to be auctioned off in Southern California (Nov 3 - 11)

noreply@blogger.com (Dimitris) — Tue, 30 Oct 2007 18:46:00 +0000

November 3, 2007 - November 4, 2007.

The party starts this Saturday at the Fairplex in Pomona. Here's the link to the 400 REO's that "MUST BE SOLD" from REDC (USHomeAuction.com)

November 07, 2007 - November 11, 2007

Hudson & Marshall: Nearly 600 Southern California Foreclosed Homes Totaling $198 Million Up For Auction

"A souring housing market brimming over with foreclosures and falling home prices translates into sweet news for buyers in search of deals. As property values continue their spiral downward, more owner occupant buyers are turning to foreclosed property auctions to find even greater price reductions. America's largest foreclosed real estate auction firm, Hudson & Marshall will auction nearly 600 foreclosed homes located throughout Los Angeles and the San Bernardino Valley area on November 6-11."

Lenders are now aggressively cutting down on prices but that still doesn't mean you're going to find a bargain. All indicators showing plenty of "growth potential" in California's "As Is" home sales industry, and increased competition in REO's is always a good sign for the consumer - just take a look at California's recent record foreclosure activity.

.

Countrywide Financial: It Was A Technical Glitch

noreply@blogger.com (Dimitris) — Thu, 25 Oct 2007 07:10:00 +0000

The other day Countrywide Financial posted over 195,000 properties for sale on their REO/Foreclosure website. It was a complete shocker to many of us - as we didn't know what to make of this.

Thanks to Peter Villes from the L.A. Times who contacted Countrywide's PR and received the following email response:

"There was a technical glitch. I'm trying to get you the accurate number but it probably won't happen until tomorrow."

A reader from the L.A. Times Blog asked:

‘MattJ wrote, " I'm sure it is a technical glitch, too, but the real question is what is that list of 190,000 houses a list of? Some speculation at Calculated Risk include that it is a list of homes in the foreclosure process but not yet REOs, or that it is a list of all REO houses that Countrywide services. Whatever it is, it sure would be nice to learn what that larger list contains and how it ended up in their list of Countrywide REOs."’

The question from MattJ's post was forwarded by email to Countrywide by Peter and the response from Countrywide was as follows:

"There was an omission in the logic that didn't filter out any properties so it was including all historical REO properties in the database. This has been rectified and new logic has been added."

From Peter Villes:

"To answer gman's question ("Is it possible that Countrywide has 196,000 of these and they've just been holding back?"), we think that is highly unlikely, and we take Countrywide at its word on this one: a technical glitch."

I believe this explains a lot, and we should take Countrywide at its word on this one as well.

.

Breaking News: Countrywide Financial REO's Off The Charts!

noreply@blogger.com (Dimitris) — Tue, 23 Oct 2007 13:35:00 +0000

Update: See Below
Source: http://www.countrywide.com/purchase/f_reo.asp

89,030 REO's have "NO BROKER ASSIGNED" as contact name.
More data soon to come. No Asking Prices listed on CFC site for all these homes.

Click on State below for detailed listings.
(Note: These properties are no longer posted on Countrywide's website .)

State	Count
AK	245
AL	2799
AR	985
AZ	3544
CA	28136
CO	8322
CT	1201
DC	323
DE	183
FL	8728
GA	10227
HI	811
IA	975
ID	1319
IL	5793
IN	7327
KS	1897
KY	2939
LA	1637
MA	2405
MD	2010
ME	204
MI	17319
MN	3559
MO	6069
MS	1414
MT	325
NC	7294
ND	93
NE	561
NH	613
NJ	1895
NM	1132
NV	3488
NY	3298
OH	10269
OK	3043
OR	1837
PA	5224
RI	353
SC	2798
SD	156
TN	5292
TX	15138
UT	2462
VA	3369
WA	3342
WI	2446
WV	453
WY	181
Total	195,433

Update:

There were 195,433 properties published for sale (click on state links above to see the properties) by Countrywide Financial all through last night and this morning (probably up until noon time I'm guessing). Countrywide no longer has all these properties on their site as being offered for sale and the number of REO's currently listed are back to the 13k range. This huge number of listed properties is just too huge to figure out what is going on. I truly thought those numbers were going to stay published on their site. I cannot say what Countrywide's intentions were for publishing 195,433 properties. Perhaps it was a mistake? I have no clue. The current properties offered for sale can be found here. All data on this blog is AS IS.

19,618 Homes Offered For Sale on Countrywide Financial's Website

noreply@blogger.com (Dimitris) — Wed, 17 Oct 2007 16:19:00 +0000

Total REO Asking Price: $3,308,329,521
(As of October 17, 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	25	6,720,500	268,820
AL	207	26,304,996	127,077
AR	85	7,393,400	86,981
AZ	796	131,416,250	165,096
CA	5,334	1,280,894,200	240,138
CO	293	56,856,297	194,049
CT	158	28,129,187	178,033
DC	26	6,726,397	258,708
DE	26	3,803,399	146,285
FL	2,067	310,620,129	150,276
GA	995	114,184,224	114,758
HI	45	16,195,900	359,909
IA	68	5,498,199	80,856
ID	78	19,325,850	247,767
IL	763	106,199,721	139,187
IN	365	22,572,244	61,842
KS	82	7,340,052	89,513
KY	131	10,699,745	81,677
LA	63	7,240,300	114,925
MA	248	41,947,253	169,142
MD	287	75,088,285	261,632
ME	44	4,090,201	92,959
MI	1,228	79,788,489	64,974
MN	470	65,877,036	140,164
MO	320	29,765,675	93,018
MS	101	11,085,497	109,757
MT	16	3,517,300	219,831
NC	386	57,997,051	150,251
ND	01	32,900	32,900
NE	30	2,565,000	85,500
NH	113	19,786,874	175,105
NJ	222	48,041,990	216,405
NM	35	5,779,500	165,129
NV	908	170,383,405	187,647
NY	219	44,943,769	205,223
OH	492	29,316,412	59,586
OK	92	7,315,799	79,520
OR	118	26,621,001	225,602
PA	187	18,736,100	100,193
RI	99	16,598,195	167,659
SC	160	20,256,900	126,606
SD	09	1,027,200	114,133
TN	369	36,042,995	97,677
TX	801	101,284,242	126,447
UT	52	20,151,600	387,531
VA	581	127,079,755	218,726
VT	03	469,700	156,567
WA	219	54,086,700	246,971
WI	154	14,689,309	95,385
WV	38	4,339,198	114,189
WY	09	1,503,200	167,022
Total	19,618	3,308,329,521	156,066

View more charts

.

Comptroller Dugan Urges Improved Underwriting Standards on Third Party Loans

noreply@blogger.com (Dimitris) — Tue, 09 Oct 2007 15:46:00 +0000

News Release from the Comptroller of the Currency: Comptroller of the Currency John C. Dugan said today that banks need to strengthen their underwriting standards, particularly on loans sold to third party investors.

“I am here to say that bank underwriting standards for these products, in many cases, moved too far away from what they would have been if the bank had held those loans on its own books,” Mr. Dugan said in a speech to the American Bankers Association’s Annual Convention.

Mr. Dugan noted the many positive aspects of the “originate-to distribute” model, but said there can be negative effects on underwriting standards, including relaxing significantly the incentives to use caution and prudence in underwriting loans sold to third parties.

“When a bank makes a loan that it plans to hold, the fundamental standard it uses to underwrite the loan is that most basic of credit standards that I’ve already talked about: the underwriting must be strong enough to create a reasonable expectation that the loan will be repaid,” the Comptroller said. “But when a bank makes a loan that it plans to sell, then the credit evaluation shifts in an important way: the underwriting must be strong enough to create a reasonable expectation that the loan can be sold—or put another way, the bank will underwrite to whatever standard the market will bear.”

Comptroller Dugan outlined what needs to be done. “I am here to say that banks need to strengthen their underwriting standards so that they move back towards the fundamental principle of maintaining a reasonable expectation that loans will be repaid, even if the loans are to be sold to third parties – and that goes for mortgage loans, leveraged loans, or any other syndicated credit,” Mr. Dugan said. read more >>

17,211 Homes Offered For Sale on Countrywide Financial's Website

noreply@blogger.com (Dimitris) — Fri, 28 Sep 2007 20:54:00 +0000

Total REO Asking Price: $3,308,329,521
(As of October 17, 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	25	6,720,500	268,820
AL	207	26,304,996	127,077
AR	85	7,393,400	86,981
AZ	796	131,416,250	165,096
CA	5,334	1,280,894,200	240,138
CO	293	56,856,297	194,049
CT	158	28,129,187	178,033
DC	26	6,726,397	258,708
DE	26	3,803,399	146,285
FL	2,067	310,620,129	150,276
GA	995	114,184,224	114,758
HI	45	16,195,900	359,909
IA	68	5,498,199	80,856
ID	78	19,325,850	247,767
IL	763	106,199,721	139,187
IN	365	22,572,244	61,842
KS	82	7,340,052	89,513
KY	131	10,699,745	81,677
LA	63	7,240,300	114,925
MA	248	41,947,253	169,142
MD	287	75,088,285	261,632
ME	44	4,090,201	92,959
MI	1,228	79,788,489	64,974
MN	470	65,877,036	140,164
MO	320	29,765,675	93,018
MS	101	11,085,497	109,757
MT	16	3,517,300	219,831
NC	386	57,997,051	150,251
ND	01	32,900	32,900
NE	30	2,565,000	85,500
NH	113	19,786,874	175,105
NJ	222	48,041,990	216,405
NM	35	5,779,500	165,129
NV	908	170,383,405	187,647
NY	219	44,943,769	205,223
OH	492	29,316,412	59,586
OK	92	7,315,799	79,520
OR	118	26,621,001	225,602
PA	187	18,736,100	100,193
RI	99	16,598,195	167,659
SC	160	20,256,900	126,606
SD	09	1,027,200	114,133
TN	369	36,042,995	97,677
TX	801	101,284,242	126,447
UT	52	20,151,600	387,531
VA	581	127,079,755	218,726
VT	03	469,700	156,567
WA	219	54,086,700	246,971
WI	154	14,689,309	95,385
WV	38	4,339,198	114,189
WY	09	1,503,200	167,022
Total	19,618	3,308,329,521	156,066

View more charts

.

15,551 Homes Offered For Sale on Countrywide Financial's Website

noreply@blogger.com (Dimitris) — Sat, 01 Sep 2007 15:43:00 +0000

Total REO Asking Price: $2,771,220,382
(As of September 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	12	3,204,400	267,033
AL	141	17,901,500	126,961
AR	38	3,737,000	98,342
AZ	614	109,740,100	178,730
CA	4,185	1,014,611,985	242,440
CO	215	40,813,508	189,830
CT	151	23,939,547	158,540
DC	28	7,607,299	271,689
DE	25	3,888,599	155,544
FL	1,939	325,750,967	167,999
GA	749	90,600,150	120,961
HI	40	15,349,900	383,748
IA	35	3,533,600	100,960
ID	51	15,931,100	312,375
IL	686	99,058,318	144,400
IN	269	17,208,583	63,972
KS	55	5,748,700	104,522
KY	72	5,966,820	82,873
LA	39	5,132,100	131,592
MA	250	42,441,765	169,767
MD	299	78,777,999	263,472
ME	23	2,393,900	104,083
MI	1,109	82,623,890	74,503
MN	438	64,974,859	148,344
MO	207	19,790,310	95,605
MS	79	9,538,100	120,735
MT	10	1,888,000	188,800
NC	194	37,504,773	193,324
ND	01	59,900	59,900
NE	11	1,534,900	139,536
NH	87	15,963,100	183,484
NJ	198	43,066,572	217,508
NM	25	3,367,500	134,700
NV	593	115,635,760	195,001
NY	178	41,875,148	235,254
OH	348	22,597,839	64,936
OK	55	6,391,700	116,213
OR	75	18,819,100	250,921
PA	133	16,585,182	124,701
RI	94	15,433,849	164,190
SC	112	14,388,400	128,468
SD	06	844,500	140,750
TN	240	25,703,992	107,100
TX	514	71,925,013	139,932
UT	41	15,312,038	373,464
VA	615	142,258,917	231,315
VT	01	112,900	112,900
WA	131	34,364,053	262,321
WI	109	10,774,714	98,851
WV	28	4,117,833	147,065
WY	03	429,700	143,233
Total	15,551	2,771,220,382	165,351

View more charts

.

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

noreply@blogger.com (Dimitris) — Sat, 11 Aug 2007 11:36:00 +0000

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

View more charts

.

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

noreply@blogger.com (Dimitris) — Wed, 08 Aug 2007 19:36:00 +0000

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 >>

.

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

noreply@blogger.com (Dimitris) — Sun, 22 Jul 2007 14:27:00 +0000

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

View more charts

.

The Mortgage Lender Implode-O-Meter reaches 100!

noreply@blogger.com (Dimitris) — Wed, 18 Jul 2007 17:49:00 +0000

~~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

noreply@blogger.com (Dimitris) — Wed, 18 Jul 2007 16:35:00 +0000

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.