California Real Estate

California real estate prices have dropped dramatically over the last two years. What was once untouchable is now affordable. The recent economic crisis has caused a major drop in home values all throughout California.

Many California homeowners who had adjustable rate mortgages were caught off guard when the interest rate reset at all time highs. More and more homeowners started to go into foreclosure when they could not pay their newly reset mortgages.

When foreclosed properties saturate a real estate market it causes the home values to drop to meet the new sales prices. As home values dropped many people found themselves upside down in their mortgages. This means they owed more than their property was worth. People started to do strategic defaults and walked away from their homes even though they could still afford the payments. This caused the California real estate market to record low declines in home values across the state.

You will find many homeowners trying to sell at a loss. This is called a short sale. A short sale is where the company holding the mortgage agrees to the sales price and to taking a loss on the property. It is always better to keep homes occupied to avoid vandalism and looting, so many banks are agreeing to these offers.

It is the perfect time to consider buying real estate in California. Prices have not been this low in many, many years. If you were thinking of relocating and thought that houses in the California real estate market were out of reach and unobtainable, it is time to think again and start looking for your next property in California. There are fabulous deals to be made on single family homes, townhomes, and condominiums.

California is the ideal place to live. This state has the best of all worlds, from sunny beaches to snowy mountains. Some of the most popular locations are San Diego and Los Angeles. This is mainly due to the proximity of great beaches and the easy access to places like Disneyland, Hollywood, Lego Land, and the San Diego Zoo.

If you work in the tech industry then you might prefer to live in the San Francisco, San Jose, or Mountain View area. Here you will find large companies such as Google that offer great wages and benefits. If you live in this part of the state you would have easy access to the Napa Valley and to Carmel by the Sea where Clint Eastwood was once the mayor.

California Real Estate Listings

California Real Estate Market