Victorville and Wrightwood California Real Estate

National foreclosure rates and President Obama's stimulus plan have intertwined themselves for most home owners still facing uncertain futures in regards to their current home mortgage obligations. Nationwide over two million homes are heading into foreclosure. Barack Obama is considering a number of options to ease the mortgage burden on these home owners. The Obama White house has supported loan modifications based on 32 to 38% of home owner income which aims to drastically reduce the slide into foreclosure for home owners nation wide. A more controversial measure, in the eyes of the financial industry, is a plan to include home mortgage defaults in bankruptcy proceedings. We will have to wait and see how this proposal will work out.

In Victorville, California approximately 60% of the homes on the local High Desert MLS are bank owned. Although Wrightwood California home prices have declined somewhat they still tend to retain their overall value due to their unique mountain location, country life style and ski resort atmosphere. This is due to the high desirability of the Wrightwood's mountain location and to it's close proximity to Southern California employment centers located in the Inland Empire and the High Desert area.

Wrightwood, in addition to its location, is quite fortunate ,anecdotally, having population demographics that show a much higher disposable income consequently averaging lower overall foreclosure rate percentages. Currently there are only 10 bank owned homes out of a total of 73 homes active on the local Wrightwood MLS - (12% of the total). Ultimately you may obtain a lower price, per square foot, for your money in Victorville but Wrightwood homes historically maintain their values at a much higher level over the long run.

In conclusion,  it’s not clear which program President Obama will eventually adopt and how it will effect Wrightwood and surrounding communities located in Southern California's Inland Empire High Desert areas such as Victorville.  

So we will, like home owners everywhere, have to just wait and see.....

Wrightwood California Real Estate

The real estate market for the Southern California mountain community of Wrightwood Calif. peaked in June and July of 2006. Since then Wrightwood Real Estate has seen a continuous downward deterioration of home prices and activity. Although prices remain soft the Wrightwood real estate market activity seems to be experiencing an uptick. In January and February 2008 seven Wrightwood homes were sold. In contrast, in January and February of 2009, 15 homes sold almost doubling that of 2008 for the same period.

It may indicate that Wrightwood mountain home sellers are approaching the price points that are meeting that of the buyers expectations. The main barrier to sell, in these times, seems to be the home lenders. They have shifted to the opposite extreme of the spectrum concerning credit. What we are currently experiencing is well qualified buyers having trouble qualifying for modestly priced loans. Wrightwood's Park Place Realty currently has multiple offers that are in a state of in limbo while anticipating and awaiting bank responses.

With the onset of Spring real estate foot traffic in the mountain town of Wrightwood California seems typical for this time of year. We have noticed numerous local mountain home sellers transitioning their homes into the rental market as opposed to the further lowering of prices due, in part, to the stability and increases in rental prices and overall activity. These are good signs showing that we may be approaching a bottom in terms of real estate prices.

As for the future buyers would do well to take advantage of the current market and price points, while Wrightwood real estate sellers should hang on for the much anticipated turn around which we all have hopes of surfacing in and around 2010.