Underwater Homes in California

The California Association of Realtors(C.A.R.) is on a mission to improve the short sale process.  Today C.A.R. called on regulators, elected officials, nonprofits, business organizations, companies, etc. to help solve this issue. Why? During the last 3 years more than 640,000 families in California have lost their home. Approximately 30% of homeowners are "underwater" on their home, meaning they owe more on the home than it is currently worth. More foreclosures are expected over the next couple of years. We need to improve the short sale process to help stimulate the economy and stabilize the housing market.
The Orange County Register also reported that the number of underwater homes is on the rise. A staggering 99,261 homes in Orange County were underwater in the last quarter of 2010. This isn't just a trend in Orange County - this is consistent with what is happening nationally.
If you'd like more information on short sales or would like to discuss your options with one of our short sale specialists please contact us.
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