Dear Editor:

I’m a Realtor in Northern California who has sold homes for 40 years — 28 of those years representing lenders in the sale of their REO (bank-owned) assets. What we see is a process that encourages default, makes it socially acceptable to default on your mortgage, and is counterproductive to the economy.

Government and bank actions of postponing foreclosures have created a shortage of inventory — intended to keep values as high as possible. While commendable, the fact remains that there are countless qualified buyers unable to purchase a home because they constantly lose out in multiple-bid situations.

The modification process is not working, the short-sale process is not doing much better, and the economy is stalled. It would be better to provide some inventory so that Realtors, mortgage brokers, banks, escrow, title companies, furniture stores, appliance stores, landscapers, etc., could make some money.

And homeownership could be obtained by those who have been shut out of the market for so long. It seems that the government is keeping people in homes who cannot afford them and preventing folks from buying homes who CAN afford them.

David Schubb
President
The Schubb Group
Pleasant Hill, Calif.