Site of the Day: Countrywide-Foreclosures

February 22, 2008 2:00pm by Barry Ritholtz

Here’s a fun site: Track how many REO (Real Estate Owned by bank) that Countrywide has taken in:

Countrywide Foreclosures Blog
Tracking the economic effects of the housing bubble (crash) as a result of years of loose monetary policy.
http://countrywide-foreclosures.blogspot.com/

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michael schumacher commented on Feb 22

Holy Crap….I thought they had more than they could handle when it was a little less than half that amount.

No wonder Mo-sella keeps calling for “help”….

if BofA had any semblance of rationale thought they would be running for the hills. Quite how they will make a profit servicing loans with that monkey on it’s back remains to be seen.

Oh that’s right…..once they are finished offloading all that to the gov’t ……..then Mo-sella can collect his severance and Lewis gets his piece all will be contained….

Sure it will

Ciao
MS
Mr. Obvious commented on Feb 22

MS, you’ve got it all wrong. Countrywide is gonna be rolling in $$ in a couple of months when housing “normalizes”. They’ll be selling those properties like hotcakes!
AC commented on Feb 22

No worries, looks like the REO chart peaked and the worst is behind them.

BoA didn’t just buy CFC for the loan servicing unit it was really for the REO land bank. Haven’t you heard, they’re not making land anymore.

-BOOOOOOOOYAH
DT commented on Feb 22

Did you see the houses in Detroit going for a few hundred to a few thousand? Holy smokes – may we never find out what these houses look and smell like…
Ross commented on Feb 22

Holy smokes is the right phrase DT. Anyone with a little arson in their hearts could do us a favor regarding inventory!!

Ambac news..Cinefoz, it saved your dinghy load!
Unsympathetic commented on Feb 22

I notice the referenced page doesn’t link to the number that appeared on Countrywide’s website for a few hours one sunny morning… until they realized they had erroneously listed their entire REO portfolio, not just the small fraction they “want” everyone to know about….
cinefoz commented on Feb 22

Crap! I looked my town and saw a house that was priced at about 1/4 of what I thought it should be. I though to myself ‘SHIT – I’m moving up and I’m making money on the deal!’ A quick look at Mapquest for details and I noticed that this location is pretty close to one where a really nice house burnt down a couple years ago and never was rebuilt. Son of a bitch.
cinefoz commented on Feb 22

Gimme a B

Gimme a O

Gimme a T

Gimme a T

Gimme a O

Gimme a M

What’s That SPELL!

Could this be Goldilocks coming back home, all dolled up and shaking her ass? Buy her a drink, sailor? She’s HOT!. She’s ready. Fly her to the moon.
JS commented on Feb 22

Countrywide still doesn’t seem to grasp what got them into this mess to begin with:

From their website:
“You might be able to afford that dream home sooner than you think without making a down payment!1 Contact Countrywide today.”

http://www.countrywide.com/purchase/default.aspx
VJ commented on Feb 22

“Not since the Depression has a larger share of Americans owed more on their homes than they are worth. With the collapse of the housing boom, nearly 8.8 million homeowners, or 10.3 percent of the total, are underwater. That is more than double the percentage just a year ago, according to a new estimate of the damage by Moody’s Economy.com.”

NY TIMES LINK

.
Pat G. commented on Feb 22

At the REO that’s $203,202 per unit. Didn’t they get the message? Given the problems in real estate does that price sound like a good deal to you? Prices are still way too high.
Pat G. commented on Feb 22

“Could this be Goldilocks coming back home, all dolled up and shaking her ass? Buy her a drink, sailor? She’s HOT!. She’s ready. Fly her to the moon.”

I think it was more about the news that government officials and banks will be working through the weekend in order to come up with a solution on how to rescue AMBAC which was reported on Bubblevision. That’s more money (not in the literal sense)being created out of thin air.
Francois commented on Feb 22

Goldilocks has better have a K-Y jelly tube and be ready to bend over. Turns out that Brother Bear is about to free his third leg…
Denny Crain commented on Feb 22

I hear Goldilocks bangs like a banshee now since AG got a hold of her.

Denny Crain
larry commented on Feb 22

Did anyone catch the WSJ article about countrywide entertaining 8 bankers at a $750 a night ski lodge this weekend? Even cinefoz in his worst bipolar moment couldn’t put lipstick on this pig. Why didn’t theyu save the money and just tell the world to f*** off.
Michael commented on Feb 22

Are you sure those numbers represent Countrywide’s own REOs? The houses for sale at CFC’s website may also represent the service portfolio, for which CFC is just the service of the loans, not the owner of the loans.
Cyndee Haydon commented on Feb 23

Man are we seeing the effect of this in our Tampa Bay real estate market – bank owned homes are starting to overtake our MLS.
wunsacon commented on Feb 23

Notice the slight downleg at the end? I wonder whether it’s a new trend or not. Some *shorter* dips appear along the way though.

Prognostications??

(As for my own prediction(s), honestly, I don’t have a clue.)

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