Friday, August 15th, 2008 at 7:26 AM
SD REO Counts
Here’s are the running counts of the condos and SFRs in San Diego County owned by lenders, and how many they have sold in 2008:
SD Real Estate Owned by Lender, and 2008 REO Sales
| Lender/Bank | 9/24/07 | 6/21/08 | 8/14/08 | 2008 Sales |
| Deutsche | 628 | 904 | 723 | 555 |
| BoNY | 363 | 579 | 451 | 454 |
| WFB | 524 | 420 | 365 | |
| HSBC | 262 | 414 | 316 | 295 |
| WaMu | 524 | 355 | 181 | |
| CFC | 87 | 98 | 112 | 104 |
| BofA | 87 | 94 | 36 | |
| Downey | 58 | 74 | ||
| Totals | 2,529 | 2,064 |
All but Bank of New York have substantially more properties on hand than they have sold year-to-date, so certainly a logjam is forming. You can guess that’ll cause a slowdown in the processing of the default notices too. More free rent! The reason Countrywide’s numbers are so low is that they sold their loans to Deutsche, Bank of New York, and HSBC – the leaders!
Posted on Friday, August 15th, 2008 at 7:26 AM in REO Counts | 12 Comments » | 
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Looking at WaMu – the inventory dropped by 169 units since 6/21 and the total sales for 2008 are 181. So they sold 12 units during the first 6 months and then 16 times that many during the following 6 weeks?
BGinRB | August 15th, 2008 at 3:40 pmLooks like Downey also has fewer properties on hand than they have sold YTD. I am assuming 8/14 is cumulative. Ratios of Inv/Sales using the numbers in table are:
Deutsch 1.3027
ucodegen | August 15th, 2008 at 4:04 pmBoNY 0.9934
WFB 1.1507
HSBC 1.0712
WaMu 1.9613
CFC 1.0769
BofA 2.6111 <- ???
Downey 0.7838
OT:
Can anyone tell me how to find out HOW MUCH someone owes on their house?
Thanks. Todd
Todd | August 15th, 2008 at 5:24 pmTodd- Any real estate agent can look it up as part of the public record from their MLS database. County recorder for same info for general public. These sites detail mortgage info from origination- no more no less.
Just a broker | August 15th, 2008 at 8:03 pmIf I’m reading this correctly, the columns are the amount each bank had on hand on that particular date. Sorry, it’s just a little unclear.
If that is the case, the number on hand went up about 50-80% from Sept ‘07 to June ‘08, then went down about 25% from June ‘08 to Aug ‘08, except for CFC & BofA, which each went up during that time.
What are your thoughts? Is this due to the banks finding better market prices, the spring/summer selling season, or both? Could it also be due to some banks stretching out the process before they take a home back as an REO?
What about short sales? Have banks been more open to accepting offers on short sales to avoid the REO hassle?
So, if CFC sold their loans to other banks, is BofA off the hook for all those loans, or are is there more baggage that BofA is holding? I’m trying to figure out which is the best bank to park my money at. I was leaning toward HSBC, since they’re quite strong internationally, especially compared to most on this list, but finding out that they bought a bunch of crap loans from Countrywide shakes my confidence. I was thinking they could use their international resources to expand in the US by buying some of the salvageable remains of the banks that have been (and will be) taken over by the FDIC.
E-Leven | August 15th, 2008 at 8:07 pmJust a broker,
That’s just firsts, right? If there was a second or a HELOC, would that be obtainable?
E-Leven | August 15th, 2008 at 8:09 pmE-Leven if they’re recorded they should show up. Although with HELCO’s/ lines of credit, the credit limit can be recorded- doesn’t necessarily mean that’s whats been pulled out.
Just a broker | August 15th, 2008 at 9:43 pmRE: loans of record
Realtors have access to the recorded loans of record, including firsts, seconds, thirds, fourths, etc. But only the initial balances, and once they’re paid off, our record doesn’t change. Sometimes I get crossed up when trying to figure which loans are valid, and which may have been paid off previously, but usually it is obvious – normally the balances are growing.
Why doesn’t somebody go public on the internet with this information? The title insurance companies have the data, but must need monsterous storage capacities, which probably prevent others from duplicating the process.
I think the title companies don’t want to go direct to the public out of fear of alienating the realtor base, and nobody else has been willing to carry the load. But there is an opportunity there, no doubt. Wouldn’t you pay a decent sum to have full access?
The records are available at the county recorder’s office.
Jim the Realtor | August 16th, 2008 at 1:12 pmWell there are also privacy issues. I know it’s public information but people will complain if you can just get it trivially off the web. That said, I imagine if Google ever went into real estate they would have this information available. They certainly have the capacity to store and serve it.
Dwip | August 16th, 2008 at 3:58 pmPrivacy doesn’t mean much in the modern world.
Actually all of this data is supposed to be public information. The government works for us we don’t work for them. The problem is that many governmnet agencies use ancient and outdated methods to store data. It’s so bad that there are private companies that make all their revenue compiling gov data and selling it to other businesses.
shadash | August 17th, 2008 at 12:44 amHow many of the WAMU foreclosures are from that condo-conversion complex in Escondido?
Smithers | August 17th, 2008 at 9:53 pmIronically Countrywide was smarter than the banks it sold loans to – just imagine what shape they’re in. WAMU is beyond insolvent – they’re the lucky ones because their excess debt can be forgiven. HSBC and Deutsche are going to take the real brunt of the pain, because unlike CFC or WAMU they actually have the ability to make good on their losses dollar for dollar. Which by the way is now appreciating against the Europe with Europe catching up on recession.
I hope this teaches banks and their investors a lesson for all time so they can stop screwing fiscally responsible people by supporting this ponzi scheme. Sadly, a more realistic expectation would be 80 years.
BDiego | August 19th, 2008 at 9:04 am