Countrywide REO homes inventory is at their all time high
The price declines are making the REO crisis worser for the banks and lenders with each passing day. Countrywide which has been the top originator of all mortgage loans during the real estate boom is also the current leader in the REO inventory on its books. The total inventory on their books has reached 15,551 homes at the last count on Sept 1st. This approximates to $2.8billion in homes to be disposed off or sold in the very near future. No wonder the hedge funds and sovereign wealth funds are salivating – and ready with their check books to scoop this inventory for pennies on the dollar.
Countrywide REO homes for sale in Florida alone is about 1,939 with a total for sale price around $325 million. Real Estate REO Brokers are experiencing unprecedented boom in their business. New REO Auction houses are entering this business everyday.
http://countrywide-foreclosures.blogspot.com has the complete list broken down by state, average price and total inventory price. Real Estate investors should act fast as most of this is seeing demand. This might be the best time to buy REO homes for real cheap. Savvy investors are lining up to take advantage of this rare opportunity.