Southern California sees a decline in the real estate market approximately every ten years, roughly, but not anything like the recession it's currently in. Investors are nervous, first time home buyers are losing their employment, and the prices of homes have significantly paid off. Investing in a home in Orange County is a highly popular investment decision, yet buyers are reluctant to even spend the pennies on buying homes in orange county homes and are venturing out in to Riverside County to save a lot more on drastically paid down home prices.
Typically, a modest three bedroom two bathroom home in a modest neighborhood in Orange, California had ranged between $400, 000 to $600, 000 approximately 4-5 years prior, and today those same homes are selling for significantly less than $300, 000, if the seller is lucky enough to find a buyer. Many home owners are sitting on properties they can't sell, and several of those orange county interiors going into foreclosure. What do you do if you can't sell a home for $300, 000 that you owe $400, 000 on? Perhaps your only option is bankruptcy, but this prevents you from being able to purchase still another home, you have to rent (if you are able to find an apartment community that will accept your bankruptcy), and the prices of orange county commercial interior design firmgo even lower.