Housing Sell Down!
One out of three homeowners worries about being able to hold onto his home and that rising monthly payments will force him to “sell down” for a less expensive home, according to a survey conducted by the NATIONAL ASSOCIATION OF REALTORS.
The fourth annual National Housing Opportunity Pulse survey, a telephone survey of 1,000 urban and suburban residents in the top 25 media markets, found that by a two-to-one margin, high monthly payments, not high downpayments, are the greatest obstacle to buying a home.
The Survey also found that six out of 10 respondents indicated that high property taxes and rising energy costs could cause them to sell their home. Nearly one-third of participants stated that the cost of housing is becoming so unaffordable that they believe they could be perpetually priced out of the market. Search the entire San Diego MLS listings
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I believe a lot of people who purchased with subprime loans and were not really qualified have to accept the inevitable consequences and perhaps build up their savings and credit while renting until the next purchase opportunity.
Gabriella
San Diego California Medical Research
Aw, this was a really nice post.