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RobC:
I noticed this too. despite increasing foreclosures, countryslide's share of REO is dropping fast. I think they have made a decision to cut prices and sell now... they have dropped from 600 or so here to 300 in a month!
azrob,
Arizona's drop actually shocked me, wasn't expecting that.
So what's everybody's take on what's going on here, I'm curious. Are they dumping property at really cheap prices? That'll drive prices down in the area but still, any downturn in inventory like this to me spells a possible recovery on the horizon.
when i think of CFC
these words come to mind
firesale
liquidation
bankruptcy
6 months
anyways
good luck
Foreclosures are increasing, but REO properties are getting gobbled up at a faster pace...the proof is in the pudding, if its priced right people want it.
Fannie Mae is getting large scrutiny as well, for trying to manipulate inventories. Suckering buyers into believing the bottom is in. Thats what happens when you create the largest bubble ever, you do everything you can to keep it inflated.
Thats the same website...and you are posting a chart that covers the same data that is 7 months old? I don't see how that is relevant anymore.
Its the same data, and the same website, how is 7 month old data relevant to today?
The banks are absolutely backlogged with properties, not too mention the ones they don't even bother listing. Do you have any idea what is going to happen when all the shadow inventory finally hits the market? You call yourself a lender yet you clearly have no idea what you are talking about.
"Foreclosure Sales at Auction jumped 44% for a total of approx $9.5 Billion from $6.87 Billion last month. This DOES NOT mean consumers bought the homes. As a matter of fact, if there are no bidders then the bank who holds the note typically buys the home. So, the total ‘sold at auction’ count increasing is more a function of the total NOD’s increasing 4 to 5 months earlier. What is important to track is how many went back to the bank, which stayed very high at almost 98%. So essentially, Foreclosure Sales at Auction is bad thing because it shows actual foreclosures are increasing and so is bank REO, which is the shadow inventory wildcard."
"97.75% of the homes failed to sell at auction so the banks bought the rest back. That percentage was in line with last month. Bank REO is quickly becoming ‘The Real Estate Market’."
"Data Quick reported that 38.4% of last month’s total CA Existing Home Sales had foreclosure action within the past 12 months, meaning much was bank REO shadow inventory. With so much new foreclosure inventory entering the system and discounts getting deeper each month, there should continue to be more bank REO sales of existing homes in the future, perhaps making it seem as the housing crisis is ending.
This is the primary problem with so many ‘analysts’ positive housing predictions. How can you truly judge inventory vs. sales numbers when the banks are taking back more homes at auction and adding to their shadow inventory than sell each month? Remember, the NAR only reports homes listed with a real estate broker as ‘inventory’ and a very small percentage of bank REO inventory is listed. The amount of ‘non-listed’ bank REO inventory is staggering."
Do you have any data for shadow inventory?
Looks to be leveling.
1st Buyers and Investors including from Canada are grabbing as much they can all these deals...some in cash!
So the big open question after doing some research is, are they holding off on adding inventory to the listings or are the numbers really dropping. The answer is, nobody seems to know. We just have to wait and see.
Like who is left in CW as support and handle their REOs and even websites ...
Many employees have already packed their bags and left. Would you as an employee be sticking around given what has happened. They are long long gone! Whats left is a shell corporation with assets being sold off. CW is bankrupt and finished.
Cool Beans, just means the market will correct faster.
Foreclosed homes are liabilities to banks. They had to "re-learn" this since it appears that many of the people that worked through the last crisis in the RTC days back in 89-95 appear to have moved on from many banks. Banks will be the prime drivers of price discovery for housing sales for the next 6 months at least. The upside is that 6 months is far better than 3 years.
Hmmm... maybe, just maybe... banks have figured something out... Certainly they can't hold on to every foreclosure, but have decided to keep a steady stream of foreclosures on the market, that allows them to maximize profit, but not damage the private seller too much (thus perpetuating the phenomenon). Good post... gives me something to do tonight.
.
Can't say this is anything other then rumor, and it may be a rumor to put doubt in the rumor about B of A backing out of the deal or forcing them to declare bankruptcy.
But I have heard their loan volume is up, and if they can dump their REO's fast enough, you might see a profit out of them fairly soon.
Kenneth Heebner, CGM Realty Fund, a man who could see the future, as quoted in the July 5, 2006 Wall Street Journal
Let's see how long they can manage it.
OK... personally, I'm kind sick of "experts" and their opinions... because they are just like butt cracks.
(apologize for the crass statement, but there is no other way to say it)
.
... and, it's free and anonymous
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Until this charts starts to go up, inventory is increasing.
Countrywide REO listings are shrinking
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Chart of Countrywide's REO's offered for sale
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