Stockton Foreclosures Expected to Increase

I list Countrywide bank owned property. There have been very few new listings this year and even our"junk" properties are sold. We have been told there is a HUGE backlog that should start rolling in during April. Countrywide agreed to a mandatory loan modification program in California. We’ll see how successful it is….requires the value of the property to be no less than 75% of the loan. Unbelievable! Stockton real estate was down about 50% last year alone! Stay tuned….

New York Times Article