The Countrywide Foreclosures Blog keeps a running tally of the amount of repossessed or REO (Real Estate Owned) properties Countrywide has for sale on their website.
Right now Countrywide has over 15,000 properties for sale. REOs happen when the lender tries to sell the property at auction and fails. Sort of a “worst case scenario” type of thing both for the lender and for the neighborhood.
15,000 is, well, quite a few.
REOs Offered For Sale On Countrywide’s Website [Countrywide Foreclosure Blog]