Recently released data shows that home sales for October have reached a 4-year low. Economists predict that the cause for slow home sales is multiple-faceted. Government incentives have mostly disappeared, job growth is weak, lending standards have tightened, and home appreciation is nearly non-existent.
While home sales overall are weak, home sales in some segments continue to be strong. Many investors are buying homes on the lower end and turning them around for a profit. Also, new homebuyers are interested in buying these lower-priced homes because of uncertainties in the economy and job market.
This news continues the overall negative trend in real estate news. Home prices do not appear to be recovering in riverside and San bernardino counties. For many homeowners, this presents a dilemma of whether they should keep their property. While we cannot answer that question for you, De Novo Law Firm can present different ideas that may be available to you and give you an idea of reasonable alternatives such as bankruptcy, loan modification, short sale, deed in lieu, and other options.