Bank of America is testing a new Home Foreclosure Program

I am so excited to be writing a Real Estate Blog for Pleasanton Patch. I am a local Realtor in town, and I will bring you real estate updates with a twist....

Okay hands up. How many of you have watch all the housing shows on HGTV? Really it only takes you, visiting 3 properties, they all are available and you get to pick one. Whoo Hooo. How easy my job as a Realtor would be if this was the case in Pleasanton? With properties selling more quickly than the Mega Millions Lottery tickets this week, I sure wish my clients had this option.

This week Bank of America has said they are launching a new pilot program that will allow homeowners facing foreclosure an opportunity to remain in their homes while transitioning to tenant status. The program will be known as "Mortgage To Lease." Participants will transfer their property title to the bank and have their outstanding mortgage debt forgiven.

Bank of America has invited 1,000 customers to participate in the first phase, which will be in New York, Arizona and Nevada. These were the hardest-hit states in the housing bust, and we're hoping this program will help stabilize housing prices in target areas.

Back in Pleasanton, where inventory is still running low, the buyers are lining up outside open houses before the opening time. It's like Black Friday all over again. Maybe we should call it " Sunny Saturday."

They are running through the front door; maybe they think they will find a big-screen TV for $100, but all they see is a flock of people behind them with the same intention. To buy a house that is still available. If only we lived in HGTV Land...... 

It is somewhat refreshing to see all this excitement back in the market place.