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.
THE CRECCO COMPANIES
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Anthony J Crecco
Short Sale and Loan Modification Expert
Thornwood NY 10594
914.449.6547
www.CreccoRealEstate.com
www.WestchesterCountyHomeNews.com
www.InvestorSolutionsGroup.com
Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION
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