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Orlando REO's, Foreclosures & Bank Owned Properties  present a silver lining for Buyers

For a window into just how far home prices have fallen and how pervasive the mortgage crisis has become, take a sampling from Countrywide Financial Corp.'s list of foreclosed homes it is trying to unload.

Countrywide, the nation's No. 1 home lender and poster child for the mortgage crisis, is marketing 1,600 homes in Florida and more than 200 in Central Florida alone.

These homes are known as REO -- the three hottest letters in the housing market. They stand for Real Estate Owned -- not by you or me, but by the banks that took them over and are now trying to get rid of them.

Countrywide, which is selling itself to Bank of America to avoid collapse, has slashed prices, with some houses listed at 40 percent less than what their owners paid at the height of the real-estate frenzy just two years ago. In case you needed more proof of just how artificially inflated home prices were and how foolishly banks signed off on loans to pay for them, this is it. more

Orlando Foreclosure Listings   Orlando Bank Owned Property  Orlando MLS

Source: Orlando Sentinel by Beth Kassab

Posted by Real Estate - Associates on June 24th, 2008 8:14 PMPost a Comment (0)
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