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Countrywide Foreclosures for WA jump from 68 to 3342 homes

mike2mike2
edited October 2007 in Seattle Real Estate
in one week.

If you didn't happen to check the site before the listings were removed, here's a blog entry showing all of the "extra" listings. It's worth a look. No reasonable word yet on what happened here.

http://www.streamfx.com/CW/10-23-2007/R ... ngton.html

Comments

  • laxtosnocolaxtosnoco
    That's funny, when I check Countrywide's site directly it still shows 68. Maybe there's something wrong with the feed you linked.

    See: http://www.countrywide.com/purchase/f_reo.asp
  • mike2mike2
    you missed the point. CW's foreclosure list briefly showed a substantial excess inventory of REO's earlier today. I was able to access it on the REO site for a very short period of time however they were removed later in the day.

    What these homes represent is up for debate, but they were listed for some reason.
  • perplexdperplexd
    Working in IT makes it feel like a "boo boo" in the datacenter that pushed those numbers out. Sites briefly publish mistakes more often than we all think because nobody advertises their mistakes.
  • perfectfireperfectfire
    They seem to be unique so they must be something. Maybe they're pre-foreclosure or something.
  • CKTCKT
    I've been trying to follow this mystery as best I can. I first came across it in a comment thread at Calculated Risk. Someone in FL went to 10 addresses that we on the new super list but not on the old list and found that every single one of the addresses was vacant! Sure seemed like REOs but no where to be found on their website. Weird.

    But that's FL, one of the most bubbleiscious places in the US. Others have commented that some of these addresses in other places in the country are not vacant but have had mortgage issues of some kind or another.

    My guess is that what we saw yesterday is a master list from CFC of trouble properties. One thing is clear, though; CFC is probably keeping some REOs off the public website. It also seems clear that not all of these trouble properties are REOs. Just how many REOs CFC has on the books isn't known. To be perfectly honest, I don't trust this company as far as I can throw a giant bag filled with stupid green CFC wrist bands that say "protect our house".

    I'll be checking out this website for developments on the CFC inventory mystery:

    http://countrywide-foreclosures.blogspot.com/
  • RedHotLamaRedHotLama
    We need to have people check out some. I will try to.
  • uwpuwp
    I drove by 5 in Ballard (98117).
    All looked occupied.
    1 Looked like crap (unkempt lawn, damaged porch, recliner outside), but it had a decent car outside.
    The other 4 looked fine.

    I don't know what it means. There had to be some reason these houses were on that list. Then again, Ballard is extra special. So take this with a grain of salt and a pink pony.
  • rent for nowrent for now
    3000+ is a lot. I wonder what percentage of the total loans funded by countrywide in the state that represents. Maybe its the number of loans that are late on a payment???.....very curious.
    I wonder if there is a way to find out how many loans countrywide provided in WA for the past year.
  • laxtosnocolaxtosnoco
    Pete Viles, who runs the L.A. Land blog at the Los Angeles Times, got the following answer from a Countrywide PR representative:

    "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."

    Viles does a nice job running the blog for the LA Times (lots of updates/challenges media accounts). For better or worse, he's got a definite viewpoint; he's one of the only reporters out there who I would characterize as a bubblehead.
  • ellsworthellsworth
    Admittedly unscientific, but I ran 16 Everett (Snohomish county) properties through Realist/MLS/Foreclosure databases and found that:

    50% are prior CW foreclosures
    25% have no foreclosure history (per county records)
    25% are foreclosures through other institutions.

    Column 5 shows year of last sale and amount, and column 6 shows year of NOD and mortgage amount.

    It is interesting to note that two qualify for potential foreclosure (100% loan, etc). (The bold listings in the 6th column are the piggyback loans.)

    Also of note is the MLS activity on these two:
    4520 Grand Ave: MLS#
    26187148 409k MAR/2007 Cancelled;
    27060964 379k AUG/2007 Cancelled,
    27154770 375k SEP/2007 Cancelled;
    27173201 325k SEP/2007 Active.
    CDOM: 298

    3232 Grand Ave: MLS#
    24096247 (2004)
    24139734 (2005)
    26140255 (2006)

    cw.jpg

    Any ideas on what these listings actually represent?
  • perplexdperplexd
    laxtosnoco wrote:
    got the following answer from a Countrywide PR representative:

    "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."

    Like I said, amazingly wild swings in automated reports are usually an IT goof, not wild swings in real data.
  • laxtosnocolaxtosnoco
    Looks like Countrywide's PR rep was telling the truth. Of the 25% that ellsworth pulled that had no foreclosure history, they probably reverted back to Countrywide through pre foreclosure action (ex. deed in lieu).
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