South “Zombie Land” California – If You Own A Home, Prepare To Loose It!

New homes in South California have been vacant for 2 years. Nobody has ever lived in these homes ever since the construction was finished. They are not listed in any inventory and they are actually holding these homes off from the market. The purchase demand is completely in a freefall and the housing market is unraveling.

Watch the video below. You will see statistics where it shows that the past 3 weeks the purchase applications of people who want to buy a new home have gone down by 40%. But it is predicted that by the time the whole housing market collapse ends, the mortgage applications will be down 70% from its peak. And this is going to happen in the next 6 months.

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This entry was posted on Tuesday, June 8th, 2010 and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
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