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High Desert Home Prices Falling While Mortgage Interest Rates Are Fluctuating– Victorville Housing Dropped 25 Percent in Year


High Desert Home Prices Falling While Mortgage Interest Rates Are Fluctuating– Victorville Housing Dropped 25 Percent in Past Year

House in Victorville CA

There have been around 1,030 homes sold in Victorville over the past 12 months. The city is the largest community in the High Desert area and has been hit hard by foreclosures and over-building. The slump in prices along with the credit-crunch has made it difficult to sell a home in the area.

One home on Kayuga St in Victorville sold last year for $320,000. The 4 bedroom, 2 bath home was 1,839 square feet and was built in 2003. There has been a lot of building in the area over the past five years as Victorville pushed its boundaries out across highway 395 and into the Phelan area.

The house on Kayuga sold about a year ago and the value has fallen to an estimated $244,000, according to an appraisal agency. The home is still more valuable than other homes in the Victorville area which are averaging $218,000, according to the same estimating company.

The house has dropped about 10 percent over the past year. The average price of the homes in the 92395 have not fared very well recently either. The average price of a home in that zip code was worth about $294,000 a year ago. The housing prices have dropped about 25 percent over the past year.

Mortgage interest rates have fluctuated over the past few months, even though the Federal Reserve has consistently lowered their index rates. Right now Union Bank of California is offering rates of 6.263 percent on new home purchases.

The Union Bank loan is a 30 year fixed rate mortgage for amounts up to $417,000. Other lenders are offering lower rates. Quicken Loans say they can get rates for the same amount at 5.793 percent. Of course there are a lot of variables involved.

We have been conducting a survey of interest rates since November of last year. You can see the results of that survey at the link below.

By Dan Wilson - Best Syndication News Writer