867 La Jolla Homes are still “underwater” According to recent research, La Jolla real estate agent Gary Kent has discovered that there are 867 La Jolla homes that are over-encumbered by 120% or more. Of these homes, 289 are single family residences and the remaining 578 are condominiums or planned unit development homes (PUD).

The La Jolla real estate market has been strong recently, but there are still homes that may take years to reach break-even with market values. In many cases, it is not an issue since the La Jolla home owners want to live in La Jolla and are still making their payments. However for some La Jolla home owners it may not be that simple. If a La Jolla home owner has a hardship and needs to sell, they may be stuck between a rock and a hard spot. The good news is that more lenders like Bank of America, Wells Fargo and Chase are working with home owners to complete short sales since it is usually better for the bank than foreclosure.

We’ve also launched a new website called www.ShortOrStaySanDiego.com to help folks figure out just how far underwater they are now and a projection of how long it may take to recover to break-even. Who knows, instead of talking about their mutual funds, maybe the new talk at cocktail parties will be how much equity you may have in your home. When La Jolla home owners have questions about whether or not to short sell their La Jolla home, they can call La Jolla short sale expert Gary Kent. Gary Kent and his team have helped over 200 homeowners who needed to do a short sale on the San Diego home.