Posted to: Foreclosures & Short Sales

Mountain House, the highest underwater town

Highest underwater town? Huh?

Mountain House, California. Mountain House is located about 60 miles east of San Francisco. It is a master planned community designed to promote community, family and lifestyle. But there is something of real interest here: despite being 59 feet above sea level, most of the community is underwater.

It is here where the average homeowner is $122,000 underwater; some homeowners are underwater as much as a half million dollars. It is here where 90% of homeowners owe more than their house is worth, making this the highest percentage in the country. It is here where new homes are still being built and sold.

What? New homes are still being built AND sold? Houses here start at $200,000 and go up to $600,000.

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