Inland Empire seeing relief in housing market

RANCHO CUCAMONGA, Calif. (KABC) -- Homeowners in the Inland Empire are finally seeing some relief in the housing market. In fact, many are no longer "underwater."

A few years ago, people lined up by the thousands desperately trying for loan modifications because they were upside-down in their homes. It's a situation Mike Mosco of Rancho Cucamonga says he himself was in not too long ago.

"We were either facing a foreclosure or hopefully a short sale, if they were going to let us do it," said Mosco.

But things have changed. Thanks to what many are calling a seller's market, he just closed escrow. The offer on his Rancho Cucamonga home was more than $42,000 over the price he was asking.

"Cash and he wanted the house as an investment property. I guess that what they're doing," said Mosco.

Homeowners climbing back above water is something we're seeing more and more in the Inland Empire. Three years ago, 56 percent of people were upside down. This year, that number has dropped to only 31 percent.

Dan Griffith with The G-Force Realtors says those numbers show that many homeowners are no longer trapped.

So if now's a good time for people to sell because prices are still going up, what does the future hold?

"We know that Wall Street is very fickle, and the returns on residential real estate are attractive. If they're not so attractive in six or eight months, they could dump their assets on the market and we'd see another dip in the market," said Griffith.

As for Mosco, he says his situation is a good example of how it's a good time to be a seller.

"To get that kind of money for this house was pretty amazing," said Mosco.

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housing market, inland empire news, rob mcmillan

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