Posted by: Marvin Remmich | August 21, 2013

One-Third of California Homeowners Locked Out of Market

The California real estate market continued to experience rising home prices and strong sales in July, but negative equity still remains a significant challenge, according to a
report from PropertyRadar. Out of the 6.8 million California homeowners with a
mortgage, 26 percent, or 1.8 million, were underwater as of July. Another 500,000
are barely managing to stay above water, with no more than 10 percent of equity
in their home. This means about one third, or 2.3 million homeowners, are still
unable to sell due to lack of equity.

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