Just got word from an ex Countrywide, now BofA employee that they are going to start listing many of the foreclosed properties in CA that have been sitting on the sidelines. Watch the MLS in the next few weeks.
Something that reinforces this rumor that the REO machine might be starting back up at BofA is the trustee sale data from Recon Trust (a trustee owned by Countrywide/BofA). Yesterday in Ventura and LA County they had more sales than any day in the previous month. Just one days data but an encouraging sign. I've widely heard that the June/July time frame was when a lot of new inventory was coming on market that are currently being held by asset management companies.