Some advice if your home’s underwater

Posted by on 9:03 am in Updates | 0 comments

Some advice if your home’s underwater

Q: What advice do you have for San Diegans who are still underwater on their homes?

-Murtaza Baxamusa, directs planning and development for the Family Housing Corporation, of the San Diego Building Trades in Mission Valley:

San Diego’s housing market is less distressed than other metros, as demonstrated by falling foreclosure rates, low foreclosure starts, and price resiliency. With last-year’s price increases, the leftover underwater mortgages were likely purchased at the peak of the bubble. I would guess that most homeowners in these underwater mortgages have been in their homes for less than 10 years. Decisions on home purchases are typically made as long-term investments that break even in 8-12 years. Therefore, if you can afford it, I would recommend staying put for a year or two.

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