Monday, April 20, 2009

Are Inland Empire housing prices bottoming out?

Last Wednesday, the Press-Enterprise ran a story that discussed the March report on San Bernardino and Riverside County housing prices. Not that they're increasing, but the rate of decline is slowing. Let's all jump for joy:

DataQuick Information Systems...reported the median home price in Riverside County fell to $187,000 in March, and to $150,000 in San Bernardino County. The declines began to decelerate in Inland Southern California in February, leading economists to hope the region might be getting close to bottoming out.

More here.

But on the other hand Housing Kaboom documents the story of a home with an $865,000 price reduction. If all home prices go to $0, the market will bottom out by definition.

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