Underwater Mortgage Rates Still High in Region
Posted by carolyn in Sacramento Real Estate Market on November 30th, 2011
The Sacramento Bee reports that underwater mortgages still make up approximately 40% of all outstanding mortgages in the region. This means that 40% of all homeowners owe more money on their home than what it currently worth. What does this mean? If you are a buyer – it means that home prices are not likely to increase dramatically while there are plenty of sellers who need to do a short sale. What this means if you are one of the 40% – plan on it taking a while before you start seeing any equity and know that if you do need to sell you would likely be looking at seeing if you qualify for a short sale.
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