Inland Empire Real Estate Inland Empire Real Estate - Your Complete Real Estate Services Team Home

Why home prices will not stabilize in the Inland Empire any time soon

By Admin on October 4, 2008

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.



SQL/DB Error -- [Can't open file: 'bb_comments.MYD'. (errno: 145)]

Warning: Invalid argument supplied for foreach() in /var/www/html/blog/bblog/inc/bBlog.class.php on line 709

Warning: Invalid argument supplied for foreach() in /var/www/html/blog/bblog/inc/bBlog.class.php on line 717

Warning: Variable passed to each() is not an array or object in /var/www/html/blog/bblog/inc/bBlog.class.php on line 967

Add Comment

( to reply to a comment, click the reply link next to the comment )

 
Comment Title
 
Your Name:
 
Email Address:
Make Public?
 
Website:
Make Public?
 
Comment: