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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (140683)8/12/2008 2:32:51 PM
From: Elroy JetsonRead Replies (3) of 306849
 
When I look at homes currently being offered as a "Short Sale" in Los Angeles it's rare to find a purchase mortgage which explains why the home owner is underwater . . .

. . . unless they bought their home in 2005 or later. -- If they bought in 2005 or later, even with a 25% down-payment, the home owner is under water.

For pre-2005 purchases I have to look at the public records showing all of the subsequent loans to explain why most "Short Sales" are being offered for below loan value.

Each one will almost certainly become a foreclosure.
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