Home Price Gains Bring Sellers Off the Sidelines

Source: The Associated Press

Thanks to the nation's surging housing market, fewer homeowners owe more money than their properties are worth, so more homes are being put up for sale—much to the relief of frustrated home buyers who are navigating an environment of tight inventory. Pent-up sales have been released by the increase in prices.

The huge price increases produced an unexpected retirement gift for one couple, who were resigned in January to selling their San Diego home for less than they owed the bank, known as a short sale. They owed $352,000 but accepted an offer for $290,000.

Their bank rejected the deal four months later, leading the couple to put the home up for sale again. On the second attempt, they took an all-cash offer of $380,000, yielding a windfall of $6,500 after broker fees and closing costs. 

The former social service workers were so angry when Chase rejected the short sale that they closed their account after more than 40 years.

"Now I guess I should send them a thank-you note," said Diane, 66.

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