Since Countrywide has 10,796 homes for sale on their website (today) and 2361 are in CA………..and since they are in serious need of cash………………..you can bet that they’re gathering up the firewood to start the fire sale any day now. They’re going to have to really chop those prices if they want to move those homes. Many more foreclosures are coming over the next year back to Countrywide and other lenders and all of them will want to get them off their books because they’re sure not generating anything but more lost $$$ when they’re just sitting there empty.
So, my point is….although some areas have already fallen 20% and others have not shown much or any drop as of yet………….no zip code will be immune from the fallout when these foreclosures really start hitting the market at serious price reductions………….that’s when the term, “falling prices” will have some real meaning in the housing market.
