Countrywide is a joke. There must be lights on but nobody home.
Their # of REOs in CA has decreased from around 4000 a few months ago to about 3200. A 25% drop in 60 days amidst record setting foreclosure numbers? Riiiiight….and housing will turn around by 2009.
“Since the end of April when I had 20 properties sent to me, only three have made it to market. Another one got rescinded (stand-by, this one will be a story in itself) and three others have extenuating circumstances why they have stalled. But literally the other 13 are sitting vacant, waiting for Countrywide’s asset managers to give me the green light to put them on the market.”
So of 20 properties in the pipeline, 3 are listed for sale while 17 for one reason or another are in queue. (that’s 5.6 shadow/phantom properties for 1 single active listing). Maybe Jim is just having some bad luck with his C-wide REOs? Or should we multiply 12,287 by 5.6 to get 68,807, the true REO inventory out there for C-wide???