CW REO's

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trrenter_IHB

trrenter_IHB

New member
<p>Been checking CW REO's for the last week in California</p>

<p>Last Friday about 2,475</p>

<p>Monday a little over 2,500</p>

<p>Today a 2,615 REO's in California.</p>
 
<p><a href="http://redfin.com/stingray/do/printable-listing?listing-id=857254">http://redfin.com/stingray/do/printable-listing?listing-id=857254</a></p>

<p>This one was a model</p>

<p>This one is particularly interesting to me. </p>

<p>212 DEWDROP,


IRVINE, CA 92603 $499,999 is the asking price on CW site.</p>

<p><a href="http://redfin.com/stingray/do/printable-listing?listing-id=810085">http://redfin.com/stingray/do/printable-listing?listing-id=810085</a></p>

<p>This is the person right across street at 514k and the rest are asking in the high 500's and low 600's. There are 8 for sale in that tract alone right now.</p>
 
<p>It never ceases to amaze me how stupid so many of these photos are.</p>

<p>Outside - great.</p>

<p>Facilities - great.</p>

<p>Inside - not so much. Why do they put up a picture of a sofa? You would think a kitchen, bath or interesting architectural feature would be the way to go. </p>
 
<p>Go here for Countrywide Foreclosures:</p>

<p><a href="http://www.countrywide.com/purchase/f_reo.asp">http://www.countrywide.com/purchase/f_reo.asp</a></p>

<p>Chart for California:</p>

<p><img alt="" src="http://bp3.blogger.com/_A2btxwmKXXg/RsyCalW71sI/AAAAAAAAAr8/rmRfPeHM9B0/s320/foreclosures_California.gif" /></p>

<p>They are showing the following for Irvine:</p>

<p>141 ISLINGTON SEAN STANFIELD 714-4213377 $594,900.00</p>

<p>144 SAINT JAMES UNIT 54 JIMMIE CALAHAN 949-5811100 $651,900.00</p>

<p>212 DEWDROP SIGGY OLSON 949-4132689 $499,900.00</p>

<p>34 SPRINGACRE #5 PATRICK BARTOLIC 949-4636328 $489,900.00</p>

<p>It seems like those are the owners and telephone numbers? If that's true, how embarassing.</p>
 
<p>Question:</p>

<p>When a house is bought on the courthouse steps, doesn't the prior owner have a year to redeem it?</p>

<p>If so, does that also apply to REO sales bought directly from the lender?</p>

<p>This is not something I follow very closely.</p>

<p> </p>
 
<p>I misspoke too about the 8 houses. I was only searching listings over 45 days. There are actually 22 condo's for sale by the 212 Dewdrop lane propert. 212 Dewdrop is listed on the CW site at 499K not 651k</p>

<p>322 Dewdrop lane 525k: 26 Dove tail 549k: 36 Windchime 614k. These are all under 1200sf Windchime being the smallest. </p>

<p>Goo Luck selling at this price when there is a REO listed at 499K</p>

<p>Looks like CW wants to add liquidity by dumping inventory. Wonder how many people in the neighborhood got their Bloated mortgates from CW.</p>

<p><a href="http://www.all-foreclosure.com/foreclosures.htm">http://www.all-foreclosure.com/foreclosures.htm</a></p>

<p>Comprehensive list of foreclousure sites including CW, wellsfargo etc</p>
 
<p>Question: Is everyone ready to buy if they saw the right REO come along? What about in six months? Twelve months?</p>

<p> </p>
 
I <strong>say</strong> no, I'd wait until the bottom hits and sales/inventory is back in balance. The reality is that I'm fed up with waiting and I'd probably jump on something if it were right for me.
 
<p>That countrywide link only showed 4 REO's in Irvine. Can that be right? I know it's only CW, but it still sounds low.</p>
 
<p>But I can't imagine how many years and years of future demand the 2002-2006 housing boom pulled in. Not only did you have low interest rates, you had teaser and fraudulant loans as well. So you have future demand taken away, in addition to the time it will take to repair all this damage. It's gonna be a long long time.</p>

<p>I'm RW&A too.</p>
 
<p>There aren't a lot of foreclosures in Irvine right now.</p>

<p>With the loss of all of the subprime lenders in OC over the last few months we shall see.</p>

<p>I will be ready willing and able next year. I have been repairing my credit and putting money aside. Should have enough next year this time easily.</p>

<p>I have only one car payment and a $99 a month student loan. No credit debt at all.</p>

<p>Getting my credit fixed has taken some time. Not good being a Junior. Plus I don't even know how some of the stuff even got on my credit report. LOL. </p>

<p>I agree with you OC it will be a while before this market bounces back. If it doesn't I am ready willing and able to rent a u haul and move where it doesn't cost 600k for a 2 bedroom condo with 300 association and 300 mello roos.</p>

<p>CW made 14% fewer loans in July then it did in June. This is really bad news considering the lack of competition. </p>

<p>Shouldn't it be artificially higher with all the other companies going out of business?</p>

<p>My friend at CW said for a while it got much better because people going trough the now defunct companies had to come to CW.</p>

<p>I am seeing some houses where the owner bought before the bubble going down to the 2002-2003 pricing already. </p>

<p> </p>
 
<p>Awgee,</p>

<p>I missed that. Not close in being ready/able or willing?</p>

<p>What happened with the sale? Is this a timing the market (on both ends) play?</p>
 
<p>Lower than any REO sale occuring in a year and a half?</p>

<p>Just exactly how much of a decline are you counting on?</p>

<p>Does it concern you that there will be takers at a more modest level of decline?</p>
 
<p>With respect, IR, you express the most absolute certainty of anyone I have ever seen in the blogosphere.</p>

<p>Why so much confidence - what is your secret?</p>
 
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