Lets take a snapshot of Stockton's Metrolist Listings:

After reading a post by Mark Horan's Countrywide Loss Mitigation stating that they heard that Countrywide was going to stop doing short sales and just let their homeowners go staight into foreclosure, I decided to take a look at how it would affect the listings.  That would mean that over 2500 REO listings would be sitting out on the Metrolist MLS and never mind all the other places homes are listed in the Stockton area.  If we are not already confused, it will surely add to the mass confusion for the Stockton area.

The other post I read said that Countrywide will not approve a short sale if the property is a Second home, Investment or if the property is vacant.  I wonder if other lenders are going to pick up the habit?  And how many more changes are coming on short sales?  Right now it looks like they are trying to shut down the short sales because it makes them look bad on the books.  But what about the homeowners?

Right now the banks are running the market.  One way or another.  Yet all I've ever heard is that the banks don't want to do real estate... they don't want your home... they want to work with the homeowners.  Countrywide for one has already established that they are not working with the borrowers much on the loan modification plans that we have heard so much about.  They are not really working with the homeowners now when it comes to approving a short sale -- one that is way within the market value so what will really change if Countrywide cut out the possibility of a short sale? 

• Less listings during the 121 days that the foreclosure law mandates (at least in California)
• More listings after the foreclosure time period
• Nothing changed, just a shift in when the active listings number will go up and up and up!

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Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

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 Mother of the Mother and Daughter Team