Like many other parts of the IE Fontana (lovingly referred to as Fontuky by every one that doesn't live there) is tanking hard.
Here's a few REO properties in the Sierra Lakes development that are putting some serious hurt on the poor FB's that are trying to sell their houses.
16498 Medinah St is a 4 bedroom, 2.5 bath home, 2462 sq/ft on a smallish 5000 s/f lot. This home was last purchased in Aug 2005 for a whopping $570k. The bank now owns this Medinah cottage and has just listed it for $318k. Thats a loss of $252k plus fees, if they get asking (that's a 45% drop from the 05 sale price)
6229 Eaglemont is not quite as an impressive loss as the last home but it's still got a chance to fall further. The home is the same floorplan as the medinah house. It was last purchased in Aug 2005 also but this one "only" cost $490k. It's listed by the bank for $336K. It's been listed for a few months now ans has already had 3 price reductions. It looks like it's gonna need a few more!
Now for the Price Leader, 5751 Ventana Dr, is just a wee bit smaller than the first two. It's a 4 bed, 2.5 bath home that is 2325 sq/ft but this one is on a larger 7100 sq/ft lot. This one has sold an amazing 4 times since being built in 2001, 5 times if you count the bank (the latest owner). The last real sale was very near the peak in Feb 2007 when it fetched an astonishing $640k. That's $275 sq/ft for a tract home in Fontana....Hello....it's Fontana! Well now the bank has it and wants to unload this thing before people actually realize "it's in FONTANA". They have it listed for $279,900.