Will the Housing plan help in Prince William County / Lake Ridge?

The housing plan appears to be set to roll out to the lenders. where does this put us here in Prince William County. The plan is aimed to help 9 million homeowners. The problem is that these homeowners at risk of losing their homes must have a home that is worth no more than 105% of the loan value. With the pricing drops in our area, it is unlikely to assist many.

Long standing residents of Lake Ridge do not fair any better than in other areas of the County. From January 2006 to January 2009, the median price for sales in Lake Ridge was down 83% to $196,000. While in the County as a whole the spread was down 80% to $175,900. Unless homeowners purchased quite a ways back and put some cash down, this Housing plan is of little use locally. Many distressed homeowner will be looking at other alternatives such as Short Selling to eliminate additional financial hardships and their future livelihoods.

Prince William is on FIRE

Fire Sale that is! Bargains to be had throughout the County. Check this out!

While the prices continue to tumble in Prince William County, there are some very encouraging signs. Twice as many closings occurred in January 2009 as the previous year. New listings are down, contracts are up. Way up! 79% increase in number of homes sold in 2008 vs 2007.

If Days on the market continues to decline, we should see a reduction in the falling prices. Since mid 2005, we have witnessed the struggling housing market in Prince William. It has been longer and more painful than many other parts of the area and country. The foreclosure rates climbed hugely in 2007 and 2008. Is there an end in site? As long as savy buyers continue to buy up the bargain inventory, there should be. We'll keep watching and reporting. If you want speak personally about your opportunities please call our Prudential office at 703-497-7788.