(Agencies)
Updated: 2007-09-17 10:31

"It is almost like begging, but I am doing everything I can to help these people maintain their dignity," she said.

Taylor too has modified her business practices, shifting her focus from home sales to rental property management, advising clients to wait out the market. She manages fifty rental homes now, properties that she hopes to sell for clients when buyer interest returns.

"There are just are no buyers out there right now," said Taylor.

Houses are sitting on the market three times as long as in 2006 and the average sale price has dropped by 10 percent, she said.

"We've got 350 homes for sale in this neighborhood right now and at this rate, that is five years of inventory," said Taylor.

"Nobody has a crystal ball, but I don't expect to see an improvement until 2010."

Potential homeowners must be better educated about the market, said Lance Hill, a housing counselor with Visionary Homebuilders, a Stockton non-profit whose goal is to extend homeownership to low-income families.

"To be mortgage ready, they need to know what adjustable rates, refinancing, and pre-payment penalties mean, and we must make sure that they have a certain education level," he said.

Stockton has had 8,000 foreclosures so far in 2007.

"Home ownership is a great thing," said Taylor, "But only if you can afford it."

      1   2     

      1   2