Tuesday, June 5, 2007

Downey REO Watch

In this April post about troubled DSL markets, I wrote, "Modesto, Stockton, Vallejo, etc. - that's Downey Financial."

Recently, a commenter asked, "How did you determine DSL is in these three markets specifically? None are mentioned as a top 5 market in the Q. Thanks."

It's true that the Q only tells us that Downey's loans are 89% in SoCal. So, first check the list of Downey branches. Then check the list of Downey foreclosures for sale.

Downey has two REOs in Modesto: 2512 Riverdale Avenue and 1209 Tenaya (wishing prices $240,000 and $210,000). It has one REO in Stockton: 3804 Wind Cave Circle ($479,000). It has two REOs in Vallejo: 130 Cottonwood Drive ($439,000) and 205 Haven Court ($357,000).

In Nassaw County, NY, Downey has this house listed as a REO, asking $950,000. The most recent sale was in December 2004 for $995,000. Prior to that sale, it had sold in January 2003 for $583,000.

In San Diego county, Downey added 4 REOs during Q1 2007. I predict they will add 14 more in Q2 since they have taken in 10 since Mar 31.

In Contra Costa county, Downey had no REOs until May 2007, when they took in two.

In San Joaquin county, Downey added 2 REOs during Q1. They have taken 4 so far in Q2.

In these three counties, Downey will go from 6 to 20 REOs in one quarter.


Anonymous said...

Downy has many many more REO that are not listed yet on the web site.

What you see is just the tip of the iceberg.

On the Quarter report they already reported 4 times as much REO than listed on the web site.

This does not include the pipeline. REO is rising very quickly. If CFC is any indication, DSL has double what it had earlier this year - 6-8 times more than on the web site.

Anonymous said...

Anyone have the stats for Indymac's Website REO from last qtr? Thanks.

CP said...

This post has the data as of May 15:

Anonymous said...

Thank You! Very interesting article. Do you can write anything else about it?

Anonymous said...

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