Berkeley CSUA MOTD:Entry 48794
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2025/04/04 [General] UID:1000 Activity:popular
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2007/12/13-20 [Reference/RealEstate] UID:48794 Activity:nil
12/12   Buy a foreclosed house from Countrywide!  Mean price $328K for CA!
        http://countrywide-foreclosures.blogspot.com
        \_ Yeah, the prices still aren't all that hot in my area.  Well,
           prices have dropped about $100K, but countrywide's prices are just
           barely in line with that.
           \_ They aren't going to let them go for less than market value.
              That's the misconception about REOs.
           \_ Where do you live? In The City, prices are staying steady,
              perhaps even going up a bit.
        \_ Location, location, location!
        \_ Prices on low end homes are plummeting in most of the state,
           why the hell would you try to buy now?
                \_ one of things that people don't seem to get is that
                you very rarely if ever get rich by posessing real estate.
                You get rich by buying it cheap and selling it at a higher
                price to some dumb shmuck. There are far more cases of people
                being stuck with land as the value plummets than the other way
                around.
                \_ It's not a question of getting rich.  It's a question
                   of not getting way less house than you could get if you
                   wait a year.  The difference between a semi-cruddy house
                   and a decent place is often only 15-25% more.  If you buy
                   the cruddy home now for the price of the nice house a
                   year from now you are going to be stuck with that
                   cruddy house for at least 3-4 years.  Is owning for 1 year
                   worth that?
                \_ Actually, possessing real estate is one of the easiest
                   ways to get rich. The problem lies when you buy it
                   without looking at the cash flows and instead hope for
                   quick appreciation. Anyone who bought a profitable
                   property probably still has a profitable property,
                   unless the economy tanks and then lots of businesses
                   get hurt.
2025/04/04 [General] UID:1000 Activity:popular
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countrywide-foreclosures.blogspot.com
Implode-O-Meter (A popular web site that tracks failing or "imploded" lenders): "Imploded" lenders: The "imploded" status is somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or a "firesale" acquisition. The Companies include all types (prime, subprime, or a mix of both; Note: Companies listed here may still be operating in some capacity; Ailing lenders haven't shut down, but they're significantly scaling back or are (or recently have been) in manifest financial, legal, or operational distress. Unfortunately, most of the industry now falls under this description, so we are forced to reserve this list for the more glaring cases or those which we happen to have more specific info about. Nearly 600 Southern California Foreclosed Homes Totaling $198 Million Up For Auction "A souring housing market brimming over with foreclosures and falling home prices translates into sweet news for buyers in search of deals. As property values continue their spiral downward, more owner occupant buyers are turning to foreclosed property auctions to find even greater price reductions. America's largest foreclosed real estate auction firm, Hudson & Marshall will auction nearly 600 foreclosed homes located throughout Los Angeles and the San Bernardino Valley area on November 6-11." Lenders are now aggressively cutting down on prices but that still doesn't mean you're going to find a bargain. Countrywide Financial: It Was A Technical Glitch The other day Countrywide Financial posted over 195,000 properties for sale on their REO/Foreclosure website. It was a complete shocker to many of us - as we didn't know what to make of this. Peter Villes from the LA Times who contacted Countrywide's PR and received the following email response: "There was a technical glitch. I'm trying to get you the accurate number but it probably won't happen until tomorrow." A reader from the LA Times Blog asked: MattJ wrote, " I'm sure it is a technical glitch, too, but the real question is what is that list of 190,000 houses a list of? Some speculation at Calculated Risk include that it is a list of homes in the foreclosure process but not yet REOs, or that it is a list of all REO houses that Countrywide services. "' The question from MattJ's post was forwarded by email to Countrywide by Peter and the response from Countrywide was as follows: "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. "), we think that is highly unlikely, and we take Countrywide at its word on this one: a technical glitch." I believe this explains a lot, and we should take Countrywide at its word on this one as well. WY 181 Total 195,433 Update: There were 195,433 properties published for sale (click on state links above to see the properties) by Countrywide Financial all through last night and this morning (probably up until noon time I'm guessing). Countrywide no longer has all these properties on their site as being offered for sale and the number of REO's currently listed are back to the 13k range. This huge number of listed properties is just too huge to figure out what is going on. I truly thought those numbers were going to stay published on their site. I cannot say what Countrywide's intentions were for publishing 195,433 properties.