In Riverside County, 2,834 homes were sold in August at a median prices of $394,523, representing a 46 percent drop in sales from the same month last year and a 6 percent decline in prices. It marks the first time the median sales price dropped below $400,000 since November 2005.
Lets see with a median of nearly 400k that means about 15% of families can afford to buy a median home using traditional standards...... Still a long way to go!
There was a scary chart in USA today that indicated that 24% of riverside homeowners are spending at least 50% of their income paying the mortgage. Holy smokes 50%, what does that leave after taxes? For me it would be just about NOTHING!
The median 2 posts ago is the Riverside city median, this is the county. That is why the 2 numbers are different (just in case anyone is konshizzled)