Most California homesellers — a whopping 67% – who sold their homes last year couldn’t pay their mortgages, a survey by the California Association of Realtors shows. “For the most part, the bottom line was, ‘I’m being squeezed out of my home because I couldn’t make my mortgage payments,’ ” said Leslie Appleton-Young, the association’s chief economist. In response to another question on specific financial woes, sellers cited difficulty meeting monthly mortgage obligations (30%); loss of a job (18%); and mortgage payment increases(15%) as among their primary motivations to sell, according to the 2009-2010 Survey of California Home Sellers.
Mortgage Woes Lead to Most Home Sales
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