The following is a list of the REO held by Countrywide Financial in the Sacramento region. For a discussion of these listings, please visit
Sacramento Real Estate Statistics. Also, I ask forgiveness for any formatting mistakes. I wanted to get this posted ASAP, so it's a little rougher than I would like.
Max
 1060 OLD MILL CIR ROSEVILLE, CA 95747 | Total Loss: $51,138 | Percent Loss: 13.6% | Asking Price: $324,900 Bedrooms:3 Baths: 2 Sq. feet:1742Listing History: Down 29.4% from $460,000 On 2006-07-15 Down 29.4% from $459,900 On 2006-08-14 Down 27.0% from $444,900 On 2006-08-19 Down 24.4% from $429,900 On 2006-08-26 Down 22.6% from $420,000 On 2006-09-09 Down 17.7% from $395,000 On 2006-09-23 Down 15.6% from $385,000 On 2006-09-30 Down 13.4% from $375,000 On 2006-10-14 Down 12.0% from $369,000 On 2006-10-21 Down 9.5% from $359,000 On 2006-11-04
Previous Sales: Sold on 2006-12-22 for $376,038
Google Maps |
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 204 RYLAND CT ROSEVILLE, CA 95747 | Total Loss: $45,225 | Percent Loss: 10.3% | Asking Price: $393,900 Bedrooms:3 Baths: 2 Sq. feet:1714Listing History: Down 8.4% from $429,900 On 2006-12-09 Down 5.5% from $416,900 On 2007-01-27 Down 3.9% from $409,900 On 2007-02-24 Down 1.5% from $399,900 On 2007-03-17
Previous Sales: Sold on 2006-10-04 for $439,125
MLS# 60129558 Google Maps |
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 6008 BRIDGECROSS DR SACRAMENTO, CA 95835 | Total Loss: $22,844 | Percent Loss: 6.8% | Asking Price: $312,900 Bedrooms:3 Baths: 2 Sq. feet:1492Listing History: Down 18.3% from $383,000 On 2006-04-21 Down 16.5% from $374,900 On 2006-05-20 Down 10.9% from $351,000 On 2006-06-16 Down 8.5% from $342,000 On 2006-08-05 Down 7.9% from $339,900 On 2006-08-19 Down 6.6% from $334,900 On 2006-12-17 Down 1.6% from $317,900 On 2007-02-17
Previous Sales: Sold on 2004-03-31 for $273,000 Sold on 2007-02-06 for $335,744
MLS# 70016592 Google Maps Assessed Value Property Tax Bill |
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 6860 SPECKLE WAY SACRAMENTO, CA 95842 | Total Loss: $15,764 | Percent Loss: 6.0% | Asking Price: $248,900 Bedrooms:3 Baths: 2 Sq. feet:1417Listing History: Down 28.5% from $347,900 On 2006-04-09 Down 18.4% from $305,000 On 2006-05-12 Down 9.5% from $275,000 On 2006-06-01 Down 21.7% from $317,950 On 2006-10-14 Down 6.0% from $264,900 On 2007-01-13 Down 3.1% from $256,900 On 2007-02-09
Previous Sales: Sold on 2004-10-01 for $300,000 Sold on 2006-12-07 for $264,664
MLS# 70004316 Google Maps Assessed Value Property Tax Bill |
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 2223 SACRAMENTO, CA 95834 | |
 8083 LEXUS WAY SACRAMENTO, CA 95828 | | | Asking Price: $329,900 Bedrooms:4 Baths: 2 Sq. feet:1307Listing History: Down 19.5% from $410,000 On 2006-04-09 Down 14.3% from $385,000 On 2006-06-22 Down 12.0% from $375,000 On 2006-08-05 Up 10.0% from $300,000 On 2006-12-17
Google Maps Assessed Value Property Tax Bill |
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CITRUS HEIGHTS, CA 95621 | |
 9052 MEADOWSWEET WAY ELK GROVE, CA 95624 | | | Asking Price: $312,900 Bedrooms:4 Baths: 2 Sq. feet:1476Listing History: Down 13.1% from $360,000 On 2006-04-09 Down 11.9% from $355,000 On 2006-04-27 Down 10.6% from $350,000 On 2006-06-01 Down 6.6% from $335,000 On 2006-06-30 Down 4.9% from $329,000 On 2006-08-14 Down 0.7% from $315,000 On 2006-09-23 Down 3.7% from $325,000 On 2006-11-11 Down 2.2% from $319,900 On 2007-03-03
MLS# 70021289 Google Maps Assessed Value Property Tax Bill |
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 2 SACRAMENTO, CA 95842 | |
 8969 ARBORVIEW DRIVE ELK GROVE, CA 95758 | | | Asking Price: $299,900 Bedrooms:5 Baths: 2 Sq. feet:2146Listing History: Down 11.5% from $339,000 On 2006-08-05
Google Maps |
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 133 RANCHO CORDOVA, CA 95670 | |
 10 FOLSOM, CA 95630 | |
 1810 SACRAMENTO, CA 95835 | |
 1 SACRAMENTO, CA 95842 | |
 2 SACRAMENTO, CA 95826 | |
 2427 SNOWY EGRET WAY ELK GROVE, CA 95757 | Total Gain: $96,542 | Percent Gain: 22.1% | Asking Price: $533,900 Bedrooms:5 Baths: 3 Sq. feet:2690Listing History: Down 8.7% from $585,000 On 2006-04-09 Up 0.7% from $530,000 On 2006-06-01 Up 4.7% from $510,000 On 2006-06-09 Up 7.9% from $495,000 On 2006-06-16 Up 7.9% from $494,999 On 2006-08-14 Up 24.0% from $430,693 On 2006-09-30
Previous Sales: Sold on 2004-10-14 for $550,000 Sold on 2006-11-06 for $437,358
Google Maps Assessed Value Property Tax Bill |
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Total 177 CFC REOs
4 comments :
Max, another great observation. If you look at the underlying foreclosing lender, it is not always CFC, so they may just be servicing these property loans, and not making the asking price decisions.
I do think it is interesting the lenders can not see the market for what it is (yet). If the original seller can not sell and clear the mortgage amount, it should be a good clue. The lenders will just have to hold the property for 6 more months to get the message. That is why real estate is so "sticky" on the way down.
Also, CFC only has 7,000 homes listed on their web site. The word is they have 15,000 in their REO inventory. They probably need more manpower to get them set up for sale. I suggest they stand outside New Century's office and do a little recruiting! They can pick from 3200 people laid off yesterday.
There are many foreclosed homes just sitting for months with no resale activity yet. I have seen several homes foreclosed over 3 months ago with nary a sign when it will go back on the market. I think many servicing groups are overwhelmed. This is just more evidence the market correction has a long, long way to run.
It will be a long and interesting summer in Sacramento.
bubble sitter is right on the money,
The servicing departments are being overwhelemed by all the OREO's. Making loans is really an easy process, especially with no doc liar loans. Look at all these 20 somethings highschool drop outs making loans.
Taking back property is not as easy. These guys are making less money and pissing more money away on foreclosures. Serves the bastards right, I hope to seem them all implode.
These crooks are destroying our economy.
How is it so many houses that were bought only a month or two ago are back on the market, and at a loss, so soon? Floppers? Fraudsters?
Floppers? Fraudsters?
Actually, the last "sale date" is most likely the date CFC took over title through foreclosure.
Sorry about the confusion.
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