Obama Housing Plan "does not bode well for the vast majority of Sonoma County homeowners"

From the Press Democrat:

What is known of Obama’s plan does not bode well for the vast majority of Sonoma County homeowners.

Under the plan, homeowners cannot owe more than 5 percent of what their homes are worth. Many Sonoma County borrowers bought near the 2005 market peak and are too far under water to qualify. The median price has been cut in half over the past 3 1/2 years, hitting $315,000 in January.