Countrywide Saved by The BofA

It's been in the news quite a bit, the purchase of Countrywide by Bank of America, which should be finalized by the start of July. Even though it has been hard to see in Pasadena and the San Gabriel Valley, Countrywide is credited for helping spur the housing downturn, with shaky loans to risky borrowers (BofA to complete Countrywide buy by July, Reuters). Bank of America is doing exactly what many buyers should be doing right now. Taking advantage of an opportunity. During economic downturns you see mergers and acquisitions climb, because the strong companies with the assets to purchase, begin making their moves. Just like someone purchasing a home in Pasadena at a lower price point, investing in a commodity that will appreciate in the long run.

So with the beautiful warm weather, blue skies, and a little aggressive motivation, if you can purchase a home, get out there and look for your opportunity. A good start for you might be searching this weeks Open House listings, or beginning by Searching the MLS (all for free of course).

etcList
Housing market weakness long-term (Reuters)
States take a whack at foreclosures (CNNmoney.com)

theMarket
Stocks drop as credit woes continue, oil rises (AP)
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