Riverside median price continues it's uncontrolled plummet. In the last 12 months the median price has fallen 19.1%, from $419k in 02/07 to $339k today. Inventory is up 24% to nearly 50,000 homes (keep in mind this does not include most new homes). Most of the price declines have been in the last 6 months. The speed of the decline seems to be accelerating hitting 3% in the last month alone.
To illustrate the increase in speed of the price declines look at the last year.
12 month 19.1%
6 month 14.2%
3 month 8.4%
1 month 2.9%
If the declines continued to accelerate at the current pace or even just leveled off at the current pace we would be looking at a 35% drop in the median and that would take it down to $220k. With all the data out there pointing to increased foreclosures, increased inventory and tighter lending standards does anyone think this year will not be worse than last year. Last year the drop was 20% which makes the projected 35% well within the realm of possibility.