July 13, 2024

California home sales
California home sales

According to a recently released California Association of Realtors report, 67 percent of all sellers in California did so as a result of difficulties related to meeting their mortgage obligation. Changes in family and employment status as well as adjustments to monthly mortgage obligations played significant roles in homeowners’ decisions to sell their homes in 2009.

Sellers in 2009 cited difficulty meeting the monthly mortgage obligations (30 percent); job loss (18 percent); and “mortgage payment increased” (15 percent) as primary motivations to sell.  By comparison, in 2008, one in five sellers cited the ability to meet their mortgage payment obligations; while 11 percent sold due to financial difficulties.

Sacramento real estate lawyers

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