Countrywide Cancelling Short-Sales and Freezing Foreclosures

Countrywide announced that they are cancelling many short-sales already in process and freezing foreclosure sales until further notice. This will affect a number of folks including…

1. Home-owners about to try to negotiate a short-sale with Countrywide
2. Home-owners in the middle of negotiating a short-sale with Countrywide
3. Buyers waiting for approval from Countrywide on their offer on a short-sale listing
4. Buyers will have less inventory to choose from due to the freeze on foreclosures (post about this topic coming shortly)
5. Real estate agents/brokers who get some or most of their business from Countrywide in the form of foreclosure listings

In my humble opinion, this will only delay the inevitable and prolong the recovery process. Getting through this inventory is necessary in order to move on and get to better times that lie ahead. But I don't have a great tan so who am I to speak…