Property taxes will be reduced for nearly 62 percent of Stanislaus County's homeowners this year because house values have plummeted by $3 billion, the county assessor revealed today.

More than 1,000 prospective home buyers are expected to attend Homeownership Modesto next Sunday to learn about purchasing opportunities in the region. The free event at Modesto Centre Plaza is sponsored by The Bee and the city of Modesto.

More details are available on how Modesto will spend federal Neighborhood Stabilization Program funds.

California is offering two mortgage programs to help first-time buyers purchase homes.

Two new government deals that provide up to $18,000 in income tax credits for those who buy homes this year should help Northern San Joaquin Valley builders sell houses.