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Tuolumne County Home Prices Continue To Fall

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Tuolumne County home prices continue to fall. According to Ann Ritchie of the Tuolumne County of Realtors, the median home price in Tuolumne County during the month of August 2009 was $237,000. This figure was based on sales through the multiple listing service. MDA DataQuick has pegged the same monthly median at $222,500.

Ritchie was KVML’s Wednesday, "Newsmaker of the Day".

According to Ritchie, the median price for residential homes in Tuolumne County in August of 2008 was $282,500. This equates to a $45,500 median home price drop in just a one year period.

Tuolumne County is below the California state home median price of $249,000. However, Tuolumne County’s home median appears significantly high when compared to Stanislaus County ($135,000), Merced County ($109,000) and San Joaquin County ($155,000).

Foreclosures do seem to be on the increase in Tuolumne County. Ritchie has heard of ten new foreclosers just within the last week.

Ritchie doesn’t actually see or have specific data on the foreclosure of homes but they show up when a home sale comes through either a short-sale or bank-owned property.

One potential new problem that several homeowners in Tuolumne County could soon be facing is the inevitable readjusting of adjustable rate mortgage (ARM) payments. From 2004-2008, nearly twenty percent of northern California residents who took out a mortgage loan, did so with an option ARM. Option ARMs let borrowers choose to make very low payments for the first five years.

This Sunday, Ritchie is inviting the public to the "Light your Fire Chili Cook-off" from 1 to 4pm at Tuolumne Memorial Veterans Hall in Tuolumne. This event, sponsored by the Tuolumne County Association of Realtors, will benefit Interfaith Community Social Services. Fifteen different types of chili will be available to taste, along with coleslaw, salad and bread.

A classic car show will also be a part of the festivities, a cakewalk, face painting and more. Tickets are available at the office, which is located at 14195 Tuolumne Road or by calling (209) 532- 3432. Remaining tickets will be available at the door, on the day of the event.

The "Newsmaker of the Day" is heard every weekday morning on AM 1450 KVML at 6:47, 7:47 and 8:47am.

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