MORTGAGE WOES: 67% Of California Home Sellers Could Not Pay Their Mortgages (The Orange County Register)

Most California homesellers — a whopping 67% – who sold their homes last year couldn’t pay their mortgages, a survey by the California Association of Realtors shows.

“For the most part, the bottom line was, ‘I’m being squeezed out of my home because I couldn’t make my mortgage payments,’ ” said Leslie Appleton-Young, the association’s chief economist.

In response to another question on specific financial woes, sellers cited difficulty meeting  monthly mortgage obligations (30%); loss of a job (18%); and mortgage payment increases(15%) as among their primary motivations to sell, according to the 2009-2010 Survey of California Home Sellers.

By comparison, in 2008, 1 in 5 sellers cited difficulty paying the mortgage, while 11% sold because of financial difficulties.

FOR CONTINUATION OF THIS ARTICLE, CLICK THIS LINK FOR THE ORANGE COUNTY REGISTER: Mortgage woes lead to most home sales – Lansner on Real Estate : The Orange County Register.

Posted by Man In The Middle on Feb 26th, 2010 and filed under Big Business/Wall Street, Buying & Selling, Credit & Debt, Economy, Family Finances, Foreclosures, Housing, Latest News, Money, Mortgages, News, The Banks. You can follow any responses to this entry through the RSS 2.0. You can leave a response by filling following comment form or trackback to this entry from your site

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