Zillow.com has some disheartening news to share, “In California, 32% percent of homes are worth less than what’s owed on them…
Nationally, 22% of all homes are underwater…” And just in case you can’t take a company with a fluffy name seriously, Zillow knows what they’re talking about. They make it their business to provide individuals with accurate information concerning the worth of their home and Bloomberg has used their stats in its
articles. Curious about Orange County, surf on over to Zillow.com (after you’re done here, of course!) and plug in your zip code. You may be surprised by what you find out.
If you’re the one in the one-in-three Californians struggling for air in the latest wave of the housing crisis, maybe a short sale can be your snorkel. You see, if banks foreclose on too many homes then they may find THEMSELVES underwater… well even deep underwater than they already are. A short sale evens the scales by allowing you to request that the bank accept your home for what it’s worth now, versus what it was worth when you purchased it in an attempt to avoid a foreclosure by making your home more attractive to potential buyers. Now, doesn’t that feel like a breath of fresh air?
Minda Reves is a freelance writer for SHORTsense.com