Home prices in south riverside county are falling, and there is no reason to see any slow down. Since mid june buyers have been hard to find, sellers are becoming more desperate, and lending has not been getting any easier.
Home flippers have begun taking homes off the market, unable to get the profit they were expecting. Most of the homes I see coming off the market are investors, and regular homeowners that do not have to sell. The sellers that must sell, are reducing asking prices at an alarming rate. The percentage of lost value since June 2014 to today is scary to say the least.
Loans, although interest rates are low, they are getting no easier to qualify for. Loan limits are not doing any better in the Inland empire, San Diego & Orange County loan limits are so much higher. These low loan limits will hold values down, I don’t care what others are saying. The FHA has limits set at 355k in the Inland Empire, the VA & Conventional limits are set at 417k.
I’ll keep looking at this to see if any changes occur, let’s hope so.
Bill Beals, Realtor