Foreclosures are driving price declines. Riverside/San Bernardino was most affected. Fifty-six percent of homes sold in Riverside County in March were foreclosures, which caused the area’s median price to drop 27 percent to $306,250. San Bernardino’s median price fell 28 percent to $265,000. - Orange County continues to be the most expensive market in the region at $506,000, which was 20 percent below last year’s median price for March. San Diego home sales
5 thoughts on “56% of Homes Sold In Riverside County California Were Forclosures”
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It looks like San Diego definitely isn’t the only real estate market suffering.
Rebecca
San Diego Tourism
Tough times in real estate may change the California conventional wisdom that you can never lose in real estate.
Kathy
SD Family Dentistry
I think people’s expectations of multiple digit appreciation each year in real estate is now proven to be a total fallacy.
Erica
San Diego County Real Estate Brokerage
Homeowners should be prepared to ride out the current fluctuation, because in the long run values should continue to escalate. Hopefully not everyone has to foreclose.
-Kelly
San Fran Lawyers
Capitalism is not to blame for the housing bubble, the Federal Reserve is. Specifically, Fed intervention in the economy– through the manipulation of interest rates and the creation of money– caused the artificial boom in mortgage lending.
Lasik San Diego California