MDA DataQuick .. Real estate research firm reported about two-thirds of property owners who sold homes in San Diego County this summer lost money. The average loss was $161,000, or 35.5% less than the home had sold for previously.
DataQuick's report also said of the 4,318 homes sold between June 22-Aug. 22… 2,624 or 62.7% were sold at a loss. Many of the sales were foreclosures. Losses on foreclosures running 39% off the previous sale price, compared with a 27% loss for nonforeclosures.
In some San Diego zip codes, foreclosures amounted to nearly 90% of all sales. Many of the other sales were short sales. San Diego CA real estate agents
Just because people with funny money from stocks and people who got loans who could not afford them drove prices up doesn’t mean this will last. A home is still your best investment in my opinion.
California Real Estate Agents
Homes will always be unaffordable to the average person in high priced CA as long as government subsidize home owners in the form of mortgate tax deductions, and Fannie Mae bailouts. Remove the interest tax deduction and watch the prices correct 50%. This place a bottom on home prices and increase home ownership than further government meddling. The issue is affordability, not unemployment. Prices are still too high due to government tax policies and bad lending practices.
California Dental
Dummies should have made sure they could afford houses before buying them. Lenders should have been more analytical is choosing borrowers who really had the capacity to repay loans at whatever the maximum interest rate could be after any teaser rate ended. Fools–all of the players in this drama are fools.
Bay Area Lawyer
Buying a home is a long term deal. I bought 10 years ago, value has doubled (a couple of years ago I could say tripled), and in 5 years house will be paid off. No more mortgage! Try that with a rental! Yeah… commute sucks.
Bail Bonds