Stockton Real Estate Prices Continue to Tumble on word that 25% of Houses are Underwater

The fact that Stockton Real Estate Prices Continue to Tumbles not nearly as shocking to me as it is concerning. Homeowners in Stockton are continuing to

lose value at a pace that cannot be controlled by anything that they can do. So what is a homeowner in Stockton Real Estate Market supposed to do as they watch what may be their largest single asset continue to lose value?

With the release of the latest “housing market” report earlier this week, news that 25% of all homeowners in America are underwater on their mortgages, just underscores how volitile the Stockton real estate market is and why house values are continuing to take another dip that mirrors the overall economy.

Americans as a whole lost over $7 Trillion in home value since 2007 and in Stockton Real Estate the numbers compared to the national average are much worse. This coupled with the ever increasing numbers of foreclosures that have been slowly released each month has placed tremendous downward pressure on the Stockton Real Estate and housing market. and home values.

These numbers however do not include the Banks “Shadow Inventory” of foreclosures of houses that the Banks have yet to foreclose on even though some homeowners have not made payments for two to three years. When added in you get a much bleaker picture and begin to understand that while individual Homeowners maybe underwater, the entire Stockton Real Estate Market appears to be flailing and may be actually be gasping for its last breath,

You have to ask your self… how can the market go any lower? But the real question is; “How can the Stockton Real Estate Market recover if it isn’t allowed to hit bottom”? If the banks wont foreclose, and by not doing so, they prolong the inevitable, how many years can the Stockton Real Estate Market endure more of the same?

So when will this all end? When will the real estate market recover? If you listen to the so called experts, it was supposed to have happened in 2010 and 2011. Is 2012 the magic year?

The truth is that the Stockton Real Estate Market will not recover until all of the foreclosures including the shadow inventory are released to the market. There is no way that a recovery can occur until “the market” can deal with the glut of houses” one at a time. Until then, don’t hold your breath for any improvement or an uptick in Stockton Real Estate Prices.

Every month I evaluate close to 100 properties that are for sale for one reason or another and every month I see firsthand how Stockton real estate is continuing to drop in value. I see houses that just two or three months ago were evaluated by comparing similar houses sold within one quarter mile in the last ninety days drop in value even more when the latest month’s home sales are factored into the equation.

The truth is that Sales of houses in Stockton over the past the past 90 days are offering no encouragement and its clear that nearly 25% of all of the houses that are sold are bought by real estate investors and they are paying cash

So, while it may not be the best time to sell that unwanted house in Stockton right now, don’t expect home values to all of a sudden turn around or gather some upward momentum either. The other thing that you shouldn’t expect is any sympathy or leeway from the City of Stockton’s Code enforcement department as they are citing more and more vacant and unwanted homes in record numbers for repair and maintenance issues.

It is no secret that the cost of holding onto Stockton real estate is getting higher and higher when you add in falling rental values, increased cost of maintenance, homeowners insurance, property taxes and unpaid code violations that turn into liens against your property.

The truth of the matter may be that for your particular circumstances, NOW is the BEST time to sell that unwanted house and get whatever cash value remains before that too gets eaten up by fines, fees, taxes and damage caused by lack of maintenance or worse yet bad tenants.

If you have an unwanted house in the Stockton Real Estate Market, then I encourage you to call me to get a free market analysis and cash offer for your house. The worst thing that can happen is that you get a true understanding of what your house is worth in today’s Stockton Real Estate Market.

My name is Peter Westbrook and I Buy Houses in any condition. I can be reached at 209-481-7780 or my email address is peterw@westbrookrei.com.

At “Westbrook REI” and “I Buy Houses Stockton“, we are the best at what we do because we work at it every day. We understand that a commitment to customer and a commitment to our business only happens with hard work. We have years of experience and a plan that we follow. We are a real company with real people that are committed to helping you achieve your goals.

We buy houses in Stockton, CA and its surrounding areas in Lodi, Woodbridge, Acampo, Lockeford, Linden, Ripon, Manteca, Modesto, Ceres, Tracy and Sacramento CA. If you need to sell your house fast in [market], call us… we’d love to make you a fair no-obligation no-hassle offer. Take it or leave it. You’ve got nothing to lose, but we’d love to earn your business. 🙂

Peter Westbrook

About Peter Westbrook

Peter Westbrook is a local Cash Home Buyer / Real Estate Investor in Stockton, Sacramento and Modesto CA and Tulsa Oklahoma. He has written numerous real estate articles that have been published here and by other blog and news outlets. Peter has appeared on several local and national news reports regarding the state of the Stockton and Sacramento Real Estate Markets.

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