Nearly 1 in 2 Riverside-San Bernardino homes underwater

Nearly 1 in 2 homes in the Riverside-San Bernardino metropolitan area is worth less than the money owed on it, according to data released this week by online real estate data provider Zillow.

Nationwide, nearly 1 in 4 (23.2 percent) homes had mortgages that were underwater in the third quarter of this year, up from 22.5 percent in the second quarter, Zillow reported. In the Inland Empire, 48.1 percent of homes are underwater.

Zillow also indicated U.S. home values decreased 4.3 percent to $179,900 in the third quarter from the previous year, while values remained flat at $193,300 in the Riverside-San Bernardino metropolitan area. Home values have dropped nearly 25 percent nationwide, according to Zillow, but 52 percent in the Inland Empire.

“The high percentage of homeowners in negative equity continues to be troubling, in that it represents a huge number of people who are not only more vulnerable to foreclosure, but who are essentially trapped in their current homes and are prevented from selling and buying a new home,” Dr. Stan Humphries, Zillow’s chief economist, said in a press release. “This has profound implications for future demand and will be a millstone around the neck of the housing market.”

More than 3 out of 4 metro areas in the United States saw home values decrease in the third quarter, including the largest cities in California, which saw drops after several months of value increases, Zillow reported. The numbers seem to indicate what many experts have been predicting — that the real estate market could continue to fall.

“While not unexpected, the unceasing declines in home values signal that we’re in for a long, bleak winter of continued troubles for the housing market,” Humphries said. “The length and depth of the current housing recession is rivaling the Great Depression’s real estate downturn, and, with encouraging signs fading, will easily eclipse it in the coming months.”

Homeowners in Southern California continue to face tough times ahead, and it’s more crucial than ever to have accurate information. People who have missed mortgage payments or are at risk of missing them in the future have options to avoid a foreclosure, which could financially devastate a family for 7-10 years.

For a free report on those options, contact our office.

(Brian Bean is a real estate broker and ambassador for Helping A Million Homeowners, a nationwide organization that is committed to helping alleviate the financial stress that so many homeowners face today. He can be reached directly at Brian@DreamBigRealEstate.com.)

Brian Bean
Real Estate Professional
www.DreamBigRealEstate.com
www.IEShortSalePros.com
www.HelpingAMillionHomeowners.com

Short Sale Genius Elite

I’ve been specially trained to negotiate short sales with an emphasis on Deficiency Waivers

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  1. January 4, 2011 at 3:37 pm

    Hi Brian, great info to share with other home owners so they don’t think they are the only ones upside down. I actually short sold my home last month after coming to terms that the loan mod they offered was actually the worst financial option for me……it was just delaying the obvious. Great blog and online presence…keep it up.

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