Another Second Home Tale
This Palm Springs story includes a couple who may have made the ultimate mistake in the housing bubble. "Retiree Fred Crutcher, 68, and wife, Patricia, have had frustrating experiences as both buyers and sellers."
"While they're very happy with their new home in northern Palm Springs, they're still trying to sell their former home, a large two-level condo in southern Palm Springs."
"The couple listed the at $589,000, but have since reduced the price twice, it is now listed at $580,000. 'It's really hard to tell why it hasn't sold so far,' said Crutcher. In the meantime, the couple is now having to pay two mortgages, not to mention homeowners' association fees in two places."
The future of housing may depend on how many families are in a similar situation.