Many sellers are giving in to financial pressures and selling their homes. During the tail end of the boom, long time hoomeowners who refinanced or new buyers who purchased near the top of the market are both in unsustainable positions with the decline of the housing market.
The average seller in 2010 had owned their home about 4 years. Nearly 1 in 3 home sellers in California in 2010 sold their homes as they were underwater.Sellers are still saying that falling home prices and incomes are causing them to not be able to keep up with their expenses. Half of delinquent borrowers are more likely to rent their next home than to buy.
Over 30% of California sellers in 2010 sold their house at a net cash loss. A glimpse of sellers across California in 2010 continue to face financial hardship.
A seller who sells short typically is selling 10% below the median price. Once the home goes to foreclosure the price is typically 30% below the median.
LORI BOWERS
http://www.desertareahousingmarket.com
The Lori Bowers Group
A boutique Real Estate Office, with a full service team to serve all your Real Estate Needs
La Quinta, Palm Desert, Indio, Rancho Mirage, Coachella , Indian Wells and the surrounding Palm Springs Area.
78065 Main St., Suite 107
Old Town La Quinta
La Quinta, CA 92253
Phone: (760)777-8788 • Fax: (760)771-5355
Basically its not getting any better. Hang on for the ride is not over.