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.....
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