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October 08, 2007

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Comments

Reggie

For those that might not have noticed, the banks are getting REOs faster than some homebuilders are selling homes.

Gayla

I never see a thing on Kansas City. Would it be safe to assume the housing market here is doing ok?

Rob Dawg

The comparative "reported" REOs would imply that Countrywide was writing twice as many bad loans as IndyMac, HSBC, Citi. BofA, and Chase combined.

Obviously somebody is lying. Behind door #1 we have CFC who might be massively overrporting REOS or behind door #2...

Reggie

@Gayla
Simply look the price appreciation in your area. Did it seem that people were making abnormal amounts of money just by buying and selling a house? If it did, then it was abnormal, and bound to revert to mean. In other words, if it ain't normal, it soon will be.

@Rob Dawg,
I'll be the last to bet on anyone in the mortgage business not lying. Countrywide wrote a lot of bad loans, with poor underwriting. I know this for a fact. WaMu wrote a lot of bad loans with mediocre underwriting. I know this for a fact. IndyMac wrote some risky ones as well.

But if I were to wager, I would pick door number 2. Expect other banks to come clean either by self admission or by force. Real property is very difficult to hide, and can be very expensive to maintain.

homes for sale newport coast

Places like Chi-town, the Motor City, and Atlanta are actually led by the GSEs, second only to Countrywide (of course) and probably the home builders.

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