| Riverside Co. | $324,k | $387,000 | $420,000 | $395,000 | $260,000 | $187,000 |
| AGUANGA | $373,k | $190,000 | $405,250 | $200,000 | $260,000 | $195,000 |
| ANZA | $187,k | $250,000 | $309,000 | $320,000 | $185,000 | $167,500 |
| BANNING | $190,k | $260,000 | $300,000 | $270,000 | $167,000 | $110,000 |
| BEAUMONT | $260,k | $362,500 | $398,000 | $362,500 | $270,000 | $211,250 |
| BLYTHE | $115k | $165,000 | $193,000 | $223,500 | $198,500 | $135,500 |
| CABAZON | $145k | $207,000 | $260,000 | $230,000 | $125,000 | $58,000 |
| CALIMESA | $258k | $330,000 | $337,000 | $314,000 | $237,500 | $158,000 |
| CATHEDRAL CITY | $265k | $340,000 | $369,000 | $340,000 | $218,000 | $155,000 |
| COACHELLA | $164k | $298,000 | $350,000 | $314,000 | $202,000 | $145,000 |
| CORONA | $435k | $512,000 | $578,000 | $539,500 | $365,000 | $315,000 |
| DESERT CENTER | $117k | $123,750 | $167,500 | $180,000 | $105,000 | $60,000 |
| DESERT HOT SPRINGS | $175k | $257,250 | $299,000 | $281,250 | $131,750 | $89,500 |
| HEMET | $239k | $293,000 | $330,000 | $300,000 | $172,000 | $120,000 |
| HOMELAND | $229k | $297,000 | $350,000 | $387,000 | $200,000 | $139,500 |
| IDYLLWILD | $252k | $309,750 | $320,000 | $310,000 | $271,000 | $195,000 |
| INDIAN WELLS | $560k | $750,000 | $840,000 | $800,000 | $743,409 | $502,500 |
| INDIO | $262k | $355,000 | $381,500 | $355,000 | $250,500 | $182,000 |
| LA QUINTA | $399k | $500,000 | $595,000 | $560,000 | $425,000 | $325,000 |
| LAKE ELSINORE | $330k | $389,250 | $423,000 | $380,000 | $234,500 | $180,000 |
| MECCA | $97k | $151,000 | $215,000 | $59,000 | $120,363 | $70,000 |
| MENIFEE | $347k | $408,000 | $428,500 | $389,000 | $260,000 | $205,000 |
| MIRA LOMA | $394k | $499,000 | $565,000 | $456,000 | $345,000 | $280,000 |
| MORENO VALLEY | $275k | $345,000 | $385,000 | $370,000 | $190,000 | $140,000 |
| MOUNTAIN CENTER | $279k | $500,000 | $440,000 | $545,000 | $234,000 | $217,750 |
| MURRIETA | $410k | $453,500 | $473,000 | $416,000 | $285,000 | $235,500 |
| NORCO | $480k | $620,000 | $625,000 | $605,000 | $425,000 | $350,000 |
| NORTH PALM SPRINGS | $50k | $82,500 | $77,000 | $170,200 | $50,000 | $50,000 |
| NUEVO | $313k | $383,250 | $425,000 | $466,500 | $215,500 | $150,000 |
| PALM DESERT | $340k | $400,000 | $425,000 | $395,000 | $352,500 | $280,000 |
| PALM SPRINGS | $280k | $349,000 | $397,500 | $375,000 | $285,000 | $200,000 |
| PERRIS | $265k | $345,000 | $396,000 | $358,500 | $195,000 | $145,000 |
| RANCHO MIRAGE | $460k | $587,750 | $660,000 | $610,000 | $500,000 | $425,000 |
| RIVERSIDE | $308k | $385,000 | $420,000 | $410,000 | $256,000 | $181,000 |
| SAN JACINTO | $245k | $314,000 | $359,000 | $340,000 | $186,000 | $138,000 |
| SUN CITY | $260k | $329,500 | $374,000 | $338,000 | $220,000 | $159,000 |
| TEMECULA | $406k | $470,000 | $489,000 | $439,000 | $320,000 | $258,000 |
| THERMAL | $240k | $310,000 | $372,000 | $326,500 | $217,500 | $153,750 |
| THOUSAND PALMS | $223k | $300,000 | $330,750 | $285,000 | $174,000 | $114,000 |
| WHITE WATER | $152k | $263,000 | $289,000 | $285,000 | $165,000 | $93,000 |
| WILDOMAR | $364k | $439,000 | $480,000 | $433,000 | $300,000 | $235,000 |
| WINCHESTER | $393k | $438,000 | $481,500 | $420,000 | $295,000 | $241,000 |
Wednesday, February 10, 2010
Median prices for the last 5 years
Here's the median prices for the last 5 years, starting with 2004 and ending with 2009. You can easily see from this chart that the correction in prices does not happen evenly across the board. Some cities are back to 1998 prices and others are still at 2003 prices. But pretty much every city in the IE is back to at least 2002 pricing.
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9 comments:
Except Eastvale--it's going up to late '04 prices. Take a look at this ridiculous Fannie Mae list price.
http://www.redfin.com/CA/Corona/13631-Northlands-Rd-92880/home/6476348
Yup. Eastvale has extremely limited inventory. I've noticed numerous short sales go off the market and into pending in the last month. If activity is this brisk during 14% unemployment, I fear that we will return to a bubble again once employment improves. Let's hope people have learned their lesson.
Inland foreclosure pressure eases; short sales rise
I certainly wouldn't say Eastvale has limited inventory. On redfin it looks like forest of little green homes. Eastvale looks to have more homes listed than any other area of Corona or Riverside. I count about 150 and there are over 200 pending, many of which will fall out and hit the market again. The chances of us returning to a bubble or even seeing appreciation higher than normal is low, very, very low.
There's nothing wrong with short sales. That's a win for everyone if the banks can handle it. Currently they can't as short sales are still taking months to close. Short sales are not going to help prices though. We also have the end of the tax credit looming, as well as an interest rate hike when the MBS program ends next month. Those will do nothing to help sales or prices.
Yeah but 150 homes available when sales in the last month were about 100-110 means there is less than a 2 month supply.
Keep praying for that "wave"...
Most of that "shadow" inventory is ties up in Mortgage Mod Hell. I doubt we will see a wave but as the mods fail we should see things start to pick up in the next month or so.
Do you think the mods will continue to fail? I would guess Obama is going to do everything he can to get these mods approved despite the majority of them are fraudulent. I know of an 'investor' piece of shit that has 13 properties, some in Corona, yet 10 of these properties have been mod'd. INVESTMENT properties! Apparently the government is starting to approve just about any mod.
People will either fail to get a mod or they will default on the modded loan. It might take a few years but since they aren't doing principal reductions most of the people will never be able to get out of the house if they need to. I have no idea how anyone is getting a mod on an investment property. Mods are supposed to be only for primary residence. Are they permanent mods? I know a lot of people that are making payments in a mod program that will never qualify for a permanent mod (unless they get one of those ridiculous forbearance loans).
Even here the comments seem to look to some short term comfort that will mean prices can go up from where they are. But the long term simple truth is that the jobs are in China, the 12% or less who do productive jobs can't re-employ the rest. The other thing is that with static or falling wages people are never going to be able to afford the prices that were being charged when you could finance anything on the promise of future house price inflation. I doubt there's ten families in my street of $450k homes that actually earn $100k, much less the $150k they'd need to afford these shoe-boxes. The wealth has gone abroad, the only way to get it back is to get industry back. You can't base the entire economy on the service sector, the same few dollars going round and round.
Things should be pretty ugly for a long time.
http://consumerist.com/340334/monthly-mortgage-rate-resets-2007+2016
We have massive government intervention. Homebuyer tax credits, Dept of Treasury buying up Mortgage Backed Securities, not allowing Fannie and Freddy to release foreclosures back into the market. Allowing F&F to rent rather than release foreclosures ... on and on and on.... We will have a completely messed up RE market for years to come.
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