50% of San Diego Homes Are Under Water

I just read in a press release that about 50% of San Diego homes being “under water”, at first I thought it was literally under water but doing some googling, I found out what it really meant.

“Underwater mortgages are mortgage arrangements that effectively leave the owner with more debt on the property than the current market value. – Wisegeek”

Typically this happens when a homeowner uses the same home to have a 2nd or 3rd mortgage coupled with the value of the property going down. I guess this would mean there will be a lot of foreclosures in San Diego in the next coming months.

In the light of these events, the Matt Battiata and the Battiata Real Estate Group will host an event called “Seminar for Upside Down Homeowners” at 5 convenient San Diego County locations Tuesday, November 15 through Saturday, November 19.

Here are the dates, times and locations:

Tuesday, Nov 15 Carlsbad: Carlsbad Resort by the Sea @ 6pm
Wednesday, Nov 16 Escondido: California Center for the Arts @ 6pm
Thursday, Nov 17 Mission Valley: Courtyard Marriott Mission Valley@ 6pm
Friday, Nov 18 Chula Vista: Chula Vista Comfort Inn 632 E St @ 6pm
Saturday, Nov 19 Del Mar: Del Mar Hilton @ 12 Noon