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Should we Sell? Rent? Lease/option? Home southern california. Population grow = higher price or more poverty?

My dad passed away and left a home to me and my brother. Now we are trying to figure out what we should do? The house is in Rosemead, Ca. (los angeles area) My dad had taken out a loan on the house even though it was paid off years ago. Hey, it was his house so he has the right to enjoy the fruits of his labor. Anyway there is loans in the total amount of 160k. Payment of about 1050 per month. Saw posts where people say rent it out and wait it out for a few years. But what will be the the force that will drive the market back up to new highs? Will banks forget that quickly and start giving out easy loans like crazy (subprime, stated income, interest only, fog a mirror type ). Easy money and low standards brought a bunch of buyers into the market But Now credit is getting tighter. Will it really turn around or is it simply my wishful thinking that says hold on and give it a few years? 2 years ago 440k now maybe 375k, 2 years from now ??? (320K) or lower bcoz more frclsrs? in our case it's not a question of ownership. home was in living trust, property was property titled to trustee of living trust.

Public Comments

1. You may need an attorney to go through the PROBATE process. It's not clear whether you and your bro got the home through your dad's LIVING TRUST, or was it simply a WILL. A will means AUTOMATIC PROBATE. The purpose of probate will be to establish who or who all has the LEGAL AUTHORITY over the house. Sooner or later, you'll have to go thru this process. The sooner, the better. I'm an agent in Southern California. kevc21@yahoo.com
2. The power is the different economic situation and yes the growing population will be a plus. The housing problem haven't come from the sub-prime mortgage, the sub-prime mortgage is only 11% of the mortgages which part of it goes to FHA now. Only 2% of the sub-prime is in defolt know, so the buyers pool stys the same, just the prices rich the topping point and now the inventory on the market is big. In the last 4 yeras the prices in CA and Las Vegas jumped over 100% and now they are down only 30%. Remember RE is not a product, it is a comodity and acts as a stok on the stock market. Over 25 years RE has been flactuating but overall prices have been going up. Check out the statistic. Banks problem is not a reason housing market to go down. Buyers perception of valiew is moving prices up and down, you said it yourself, not the mortgage. When housing market was down between 1987/1995 banks were OK. Good luck!