As this graphic shows many of the area codes in San Diego County California are underwater (More is owed on the mortgage than what the property is worth). In many zip-codes between 20% to 50%+ of the homes are underwater.This makes it very difficult to sell your house, and consequently you can expect further increases in short-sales, foreclosures and property price declines in San Diego County.
I wouldn't be surprised if it was higher. In michigan, where I live, they are saying our property values have declined by 50%
ReplyDeleteJeff
http://www.commercial-second-mortgage.com