Stockton, Calif -OBSNews.com- Median home prices in the Central Valley of California have dropped to levels not seen since 2004 according to DataQuick Information Systems. In Stanislaus County median home prices have fallen to just over $250,000. This figure is down more than $100,000 compared to February of 2007 median prices. In San Joaquin County, the drop was even more pronounced with a drop of more than $130,000 to settle at $275,000. Merced saw a drop in median price of $95,000 and average price of $225,000

“The good news is that buyers, especially first-time homebuyers, are excited to buy houses with prices falling so much,” said Patrick McGilvray, J.D., president of Sacramento-based www.TheHomeBuyingCenter.com. He continued, “Our network of investors are still saying “We buy houses” and we are helping hundreds of homeowners across the nation buy foreclosure homes, bank owned or REO homes, and short sale homes. We’re helping sellers sell houses fast, we’re helping banks get rid of their inventory of houses, and we’re passing on the savings to consumers who are looking for a great deal on a foreclosure home at below-market prices.”

While underwriting standards for lending on homes has made mortgages more difficult to obtain, especially for so-called subprime borrowers, there is a lot of interest from the federal government and lenders designed to get the housing market moving again. This includes efforts to help counsel homeowners about their refinance options on their homes as well as government-sponsored attempts to help lenders get troubled loans off their books.

The Central Valley of California has been one of the nation’s most hard-hit areas by the foreclosure crisis. While this distinction has resulted in a lot of pain for homeowners, it has also set the stage for incredible buying opportunities that will allow working families the opportunity to buy again.

According to McGilvray there are dozens of homes in good condition as low as $100,000 throughout Stockton, Modesto, and the Sacramento areas. He says that investors and buyers are excited to have the opportunities to work with motivated sellers of single family homes as well as lenders who are much more realistic about selling homes at fair prices considering the market conditions. He predicts that we are on the verge of price stabilization, but that we may have to wait a while before homes start regularly increasing in value. But, for the long-term homeowners or investor this should not be a problem.

One of the keys for buyers, according to McGilvray, is to be pre-qualified for a mortgage before they start searching. “Nothing can be more frustrating for a buyer to see the home of their dreams slip away because they didn’t do their homework and get qualified and have money available to close quickly. We help people qualify for mortgages and find their dream homes every day throughout the country. It’s nice to know we’re a part of the solution to America’s housing troubles,” he added.