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Week of Aug. 13th-The ‘forever’ home: Why more people in Southern California aren’t selling their homes

August 13, 2017

Southern Californians selling their homes this past spring had owned them for an average of 9.4 years, according to Attom Data Solutions, an Irvine-based housing research firm. By comparison, the average ownership tenure in the spring of 2008 was 4.6 years, or half as long.

Reasons are varied. They include changing demographics, possible tax consequences, rising mortgage rates and difficulty finding the next home, experts say.

The trend is not inconsequential.

Staying put longer can stymie economic growth while stifling business for those who depend on home sales for their livelihoods. And it’s contributing to the current shortage of homes on the market.

“It’s creating a logjam of inventory, especially in the first-time buyers’ category,” said Daren Blomquist, senior vice president for Attom Data Solutions. “Move-up buyers are staying in their homes longer, and that affects the first-time buyer.”  Continue reading...

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