Palmdale, California

Sell your Palmdale house fast. Call us at 866-452-4246. Visit http://www.palmdalehousebuyer.com As residential construction flourished in the late 1980s, company ranks swelled -- then shriveled when the economy tanked a couple of years later. The new building spree in Palmdale, CA peaked in 2005. But then came slumping home sales and a sharp rise in mortgage defaults and foreclosures. This is looking like 1990 all over again. For many in the high desert north of Los Angeles, those are chilling words. The economic downturn that racked California in the early 1990s hit especially hard there. The mere mention of the time summons images of squatters taking over their neighbors' abandoned houses, of spiking crime rates and unprecedented gang killings, of hemorrhaging home values that took a decade to rebound. With foreclosures on the upswing and a fresh crop of "For Sale" signs sprouting in frontyards, people are bracing for a return trip to a decade they'd rather forget. Regional economists say such fears are overblown, pointing out that the job market is much stronger now than it was then. But they also agree that outlying suburbs like the Antelope Valley are especially susceptible to the weakening housing market and the mortgage lending crisis playing out across the country. Right now the areas which are most vulnerable to real estate volatility would be those areas where there were a lot more new homes built. The development community is much quicker to cut prices than existing-home sellers are, because they've got to move inventory. It's not an emotional decision for them. Relatively low home prices have long been one of the Antelope Valley's chief drawing cards, but that benefit has been diminished by flat or falling prices elsewhere. You can sell your Palmdale house quickly, call us now! 866-452-4246 Outlying areas do better when prices are going up because people are seeking more home for the money. If prices come down ... then the Antelope Valley has to compete with softening prices in other areas. Rising gas prices also take a toll on the area's housing market, as prospective buyers think twice about the increasingly expensive commute to jobs in Los Angeles. What's more, the Antelope Valley has attracted waves of first-time buyers and others with modest incomes and sometimes spotty credit who must rely on high-cost sub-prime loans. It's these borrowers who are now defaulting in record numbers, leading to a precipitous jump in foreclosures. The numbers help tell the story. Foreclosure sales in Lancaster and Palmdale rose to nearly 200 between Dec. 1 and Feb. 28, an eightfold increase in a year. Notices of default more than doubled over the same period a year earlier, totaling more than 1,000 from December through February. Housing starts dropped nearly 33% from 2005 to 2006, from 5,076 total units to 3,565, according to the Construction Industry Research Board in Burbank. Home sales, including new, resales and condos, fell nearly 40% this year over last for the three months ended Feb. 28. Home values, which shot up 25% a year earlier, rose a tepid 3% for the 12 months ended Feb. 28. There are many folks who can't afford their homes and their loans are adjusting, literally by the thousands. The housing boom went bust. We can buy your Palmdale house, just give us a call. 866-452-4246 Bankruptcy filings are on a sharp rise. No major new developments have been announced lately, work continues on already approved projects such as the 7,000-home Ritter Ranch development in Palmdale, but the pace is way off. Anaverde, a 2,000-acre development in west Palmdale that is supposed to have about 5,000 homes, only about 900 have been completed. A loss of sub-prime lending probably would put a drag on sales. Without government-backed Veterans Affairs and Federal Housing Administration loans, the picture will get worse. Homeowners remember the last time it got ugly in Palmdale, right after the bust in 1991. When the size of their mortgages exceeded the value of their homes, people simply walked away. Houses are getting dumped right and left. There are all these empty houses. Commuters are saying, 'Why am I driving four hours a day, getting up at 4 o'clock in the morning and getting home at 7 or 8 at night, when my home is $50,000 upside down? Why am I banging my head against this wall when I can go back to L.A.? I might not be able to own a house, but my quality of life will be better, and I'll be able to spend more time with my family.' Sell your Palmdale CA house right now, call us 866-452-4246 Visit http://www.palmdalehousebuyer.com Thanks for watching our video: http://youtu.be/_6vqHbLAmZs

• published: 25 Aug 2013
• views: 108