We were meeting with Countrywide Home Loans yesterday in their Danville California office on Railroad Avenue. We were discussing REOs - bank owned properties in Danville, Alamo and San Ramon.

The other day, a B of A loan executive noted that many Danville Realtors think we are in the 7th inning of the foreclosure mess. According to him, B of A viewpoint is that we just stopped singing the national anthem (baseball analogy). 

According to the Countrywide Home Loan Blog, Countrywide had almost 4500 REOs in California at the beginning of April. These bank owned properties are valued at approximately $1.3 billion and represent more than a third of the total value of REOs Countrywide is holding nationwide.

The consensus seems to be that we can expect to see more foreclosures, short sales and REOs in Alamo, Danville, and San Ramon over the next two years.

Lenders, like Countrywide in Danville, have stepped up their efforts to assist homeowners in trouble and to expedite the short sale process to help sellers, buyers and investors. Lenders need to clear the books of REOs, real estate owned, properties as quickly as possible to help keep their balance sheet healthy.

Expediting the short sale process and reducing the number of REOs will help minimize the damage to home values in local neighborhoods.

According to a non-profit survey done in 2005, a foreclosure within 1/8 of a mile of your home can reduce your home value by as much as -1.1%. Not something Danville homeowners want to see.

Our team is helping sellers, buyers and investors on all sides of the REO issue. For the homeowner in trouble, taking action sooner than later is always better. If you're in trouble or think you may be heading for trouble, give us a call now.

Buyers and investors interested in short sales and REOs in Alamo, Danville or San Ramon can also leverage our experience and expertise to their advantage.