Well I'm happy to report (per LA Times) that only 9.3% of Los Angeles homeowners are under water now compared to the rest of the nation at 17%. Sadly though it seems that my own generation of homeowners ages 35-44, Gen-Exers, make up for nearly half of those negative equity homes at 45.8%!!
GENERATION X STILL DROWNING IN THEIR HOMEOWNERSHIP?
Baby Boomers and older buyers had more time to pay down debt and benefit from price run-ups before the housing crash. Younger buyers – Millennials – largely haven’t yet bought houses, but those who have benefited from low prices after the bust and likely made a large down payment.
But Gen-Xers were entering prime home-buying years a decade ago, just as prices soared, then plunged. They have definitely been hit the hardest!! I have several Gen-X clients myself who were forced to short sale a few years ago and are now patiently awaiting the time to pass before they can re-enter the housing market! I fear that they may be ready when prices are once again at another peak.
GENERATION X STILL DROWNING IN THEIR HOMEOWNERSHIP?
Prices increased tremendously during 2013 but have slowed this year. We are not seeing nearly the amounts of multiple offers and bidding wars as Summer of 2013 in Los Angeles. I hope that we can reach a "normal" market in which we can enjoy some stability for several years to come!
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