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Countrywide REO Listings

REO = real estate owned. In other words, homes the bank was forced to “buy” when the owners defaulted on the loan. Often the houses go to auction upon foreclosure, but with prices slipping, the banks will bid if they aren’t getting back the outstanding loan balance. They hope to get a better price selling it themselves.

This practice will stop eventually when they realize they better offload them as quickly as possible for whatever they can get before prices slip even further.

Lots of property available in California.

http://www.countrywide.com/purchase/f_reo.asp

Most horribly overpriced.

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