For the past 30yrs, The California Real Estate Market, has always led the Nation out of recession. This time around however, my crystal ball is a little cloudy when it comes to making predictions. Over the long term however, there will always be Gold in owning California Real Estate. That prediction I will make!!
Do we even need to mention the large number of homes in the foreclosure process in California? This is the shadow inventory that is now trickling out. In the US nearly 7 million homes are either in foreclosure or have missed at least one mortgage payment. We ran our own analysis for California and find anywhere from 550,000 to 700,000 homes in one of these stages. The MLS lists 286,000 homes in the foreclosure process. How many others are not making payments and simply do not show up?
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