Why home prices will not stabilize in the Inland Empire any time soon
Since the beginning of the year foreclosures have been occurring in greater numbers than sales, for both San Bernardino and Riverside counties we have amassed over 7,000 foreclosures that have remained unsold since the beginning of the year. These numbers will continue to grow as long as the foreclosures are greater than the sales.
Now we move into economics 101, as long as inventory continues to increase sales prices will continue to relax.
|
RIVERSIDE 2008 |
|||||||||
|
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Unsold | |
|
Foreclosures |
2,534 |
1,486 |
3,340 |
3,760 |
4,068 |
4,131 |
4,241 |
4,130 |
Foreclosure |
|
Closed Sales |
1,256 |
1,590 |
2,009 |
2,569 |
2,756 |
3,116 |
3,526 |
3,524 |
Inventory |
|
Unsold Foreclosures |
1,278 |
(104) |
1,331 |
1,191 |
1,312 |
1,015 |
715 |
606 |
7,344 |
|
SAN BERNARDINO 2008 |
|||||||||
|
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Unsold | |
|
Foreclosures |
1,666 |
1,127 |
2,369 |
2,664 |
3,023 |
3,060 |
3,208 |
3,076 |
Foreclosure |
|
Closed Sales |
844 |
938 |
1,219 |
1,392 |
1,706 |
1,880 |
2,232 |
2,176 |
Inventory |
|
Unsold Foreclosures |
822 |
189 |
1,150 |
1,272 |
1,317 |
1,180 |
976 |
900 |
7,806 |
Data Quick and ForeclosureRadar.com provided the raw data and Empire Realty provided the detailed analysis.
It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.
For information on purchasing your next home in Upland, Claremont, La Verne, Alta Loma, Rancho Cucamonga, Ontario, Fontana, Mira Loma, Corona, Chino, Chino Hills and Riverside or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.
Empire Realty is your one stop shop for information and Full Service at a Discount.
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