Who will buy tomorrow’s homes in the SCV? What do you think will happen to the value of your home in the next few years? According to a non-scientific Fox poll of June 15, 2011, about 50% of those polled feel the value of residential property will continue to decline. Another 1/3 responded that policies of the Obama Administration will keep real estate values down.  

One doesn’t have to be a genius to figure out the huge and growing inventory of bank-owned homes combined with a growing inventory of properties that have values well below their loan amounts, virtually ensures the worth of your home will decrease into the foreseeable future. As long as president Obama continues to occupy the White House and continues to declare war on the homeowner with his radical policies, there will no relief in sight. 

In California, where the unemployment rate nears 12%, fewer of us can afford to buy the very house we purchased as recently as a decade ago. Data Quick Real Estate analysis has determined prices today for single family homes reflect 2002 values. Sobering! 

In the Santa Clarita Valley, about one half of all homes on the market are bank-owned or short sale properties.  

Obama has announced he hopes to eliminate the mortgage interest deduction, a great incentive for home ownership. That foreboding event, however, will not happen in a John Boehner-controlled House.  

I ask the rhetorical question: How long will it be until illegal aliens can afford to buy your home? If voters give Obama another four years, I am predicting, the value of residential real estate will continue to plummet. Indeed, the opportunity for an illegal alien to purchase your home will become a very real possibility.  

If you needed to sell your home in hurry, who do you think your buyer would be?

Would he be a savvy investor looking for a quick flip and instantaneous profit? 

Possibly.  

There is a strong likelihood the buyer of your modest home in a quiet suburban neighborhood might very well be an illegal alien and extended family.  

If Obama stays in Office, this scenario will indeed play out exactly that way. 

The real estate market continues to deteriorate; banks get back more properties as the foreclosure rate increases; more properties are boarded up; and neighborhoods go down hill. Slum conditions are created. This is a cycle all too familiar. Ask yourself who would purchase a slum property. 

The 110th Congress  led by House Speaker Nancy Pelosi and Senate Majority Harry Reid Congress passed the Neighborhood Stabilization Act which grants federal funds to battered cities to buy up boarded up / abandoned properties, fix them up and “sell” them to immigrant families. The Bill was sponsored by Maxine Waters ( D-California), who presently is under a Congressional ethics investigation  amid charges the congresswoman was diverting TARP funds to her husband’s bank.  

Riverside, California has been using a $6.5 million Federal grant to facilitate this Program.  As Los Angeles continues to burst out with a growing population of illegals and their native –born children, these impoverished seek new areas in which to reside. Riverside contains about 60,000 homes; four thousand of which are bank-owned, and other eight thousand headed toward various stages of mortgage delinquency.  

The cities of Avondale and Glendale, Arizona have Neighborhood Stabilization funds to help buyers make down payments and assist in closing costs for these bank-owned properties.  

Chicago also has an on-going Program which to-date has assisted 2500 low income buyers in purchasing boarded up / bank-owned, abandoned property. 

I am saddened to say if you continue to support the policies of the Obama regime, you can certainly expect what little equity you have in your home will continue to dissipate.  

I say NO-Bama in 2012. 

roger gitlin is a retired teacher and member of the Del Norte County Tea Party.  He is also a licensed California real estate broker He also founded the Santa Clarita Valley Independent minutemen. He lives in Crescent City, California. His commentaries represent his own opinions and not necessarily the views of any organization he may be affiliated with or those of the West Ranch Beacon.