The U.S. housing recession is so deep that an average home takes nearly a year to sell. In the hardest hit areas, it can take several years. Just ask residents of Detroit, Nevada, and parts of Florida, Arizona, and southern California. As if that weren't enough, there are hidden costs associated with an unsold home in which the owner still lives, including upkeep and repair costs incurred while the house is on the market.
24/7 Wall St. has looked at the most expensive repairs and what they cost. Some frequently needed repairs can cost over $10,000 to fix.
The costs of the ownership of an unsold home are already at historic highs. Research firms that track home trends say that over 11 million U.S. homes have underwater mortgages. Owners have no equity in these homes to tap to pay for upkeep. Damage to a home has to be paid out of pocket unless the event that caused the damage is covered by insurance. Homes on the market for several years obviously have an increased risk of some repair problem.
Are you avoiding these unavoidable home repairs? Read on to find out.
More From 24/7 Wall St: 10 Brands That Will Disappear in 2012 The American Cities With The Most Millionaires The 9 Foods That Government Is Paying For You To Eat The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.