Countrywide REOs Fall to Early 2007 Levels as Housing Market Recovers

The number of foreclosed homes currently on offer by Countrywide has fallen to early 2007 levels, indicating that the housing market is recovering and may be poised for a rebound.

The Countrywide Foreclosures Blog reports that there are currently 5,959 foreclosed homes being offered for sale on the Bank of America/Countrywide Web site, compared to the peak of 21,500 in November 2008.

The four states with particularly severe foreclosure problems – California, Florida, Arizona, and Nevada – show a similar pattern, with the number of lender-owned properties falling to two-year lows in October.

Countrywide, which financed 20 percent of home mortgages in 2006, remains a bellwether for the market. Now part of Bank of America, it remains the largest mortgage company in the country.

The lender’s total REO asking price in October was $941 million. The average asking price per property was $150, 915, ranging from $62,935 in Michigan to $423,963 in Hawaii.

By far the largest contingent of REOs was in California, where Countrywide had 1,278 properties for sale for a total of $300 million, or an average asking price of $234,431.

Second-place Florida had 400 REOs for sale for $52 million in total, or $129,028 on average.

 

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Anthony J Crecco

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Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

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