On the REO Speedwagon: Mar Vista 90066

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News item from today’s L.A. Times: Hermosa Beach-based brokerage Catalist Homes has launched a free, Web-based service that allows people to search for lender-owned foreclosures in specific Southland communities, using parameters such as price range and home size.

We thought we’d test drive it and launch a new daily feature as well, which we will call ‘On the REO Speedwagon.’ (REOs are houses owned by banks after a foreclosure; If you are old enough to have bought 45s, you’ll get the ‘speedwagon’ reference).

Neighborhood/ZIP: Mar Vista/90066
Total number of REOs listed by Catalist Homes: 2
Sample REO: 3512 Greenwood Ave., 3 bedroom, 2 bath, $879,000.
Days on Market: 27
Recent sale information: Zillow.com says house was sold on 6/27/06 for $830,000. (No sale information found on Catalist)

User experience: slow, very slow. Confusing, but we are easily confused; if we register, do we find more properties? We registered, but our second search, as an ‘All Access Pass’ member, failed, and we were told to try again later.

We’d like your feedback on this: What’s the best way to paint a ZIP code portrait of foreclosed properties for sale as REOs? Which sites should we use? What information would you like to see? And what neighborhood (and ZIP code) would you like to see tomorrow?