MSNBC ran an article today about one family in Menifee whose property is deep in the tank (link)...
Daniel Arevalo would love to sell his home in southern California, so he could move closer to his three young children. They live 45 minutes to the north, with his ex-wife.Well, considering home values in the greater Riverside County area are expected to fall even further going into 2011, Arevalo might as well get comfortable with Menifee.
But Arevalo can't sell his house. The real estate market in Menifee, about 65 miles north of San Diego, is in the tank. Home values "are dropping like a rock," said Arevalo. And even if he could sell the home that he bought five years ago for about $250,000, Arevalo doubts he would get the $175,000 needed to pay off his mortgage.
"I'm stuck," he said.