Where is this Market? Inland Empire Market Watch March 2008

I am still unable to get MLS statistics for the Inland Valley Board of Realtors for the last three months as they have not updated their data since December 2007. They must be going through some changes, I have sent tech support a message and they expect to have this data corrected soon.  As soon as this data is available I will analyze and report on it.  I can say is that the feel of the market continues to follow the downward trends in the Inland Empire of California.  This comment is made from my observations from the street and in tracking foreclosure action activity. 

Statistics and Analysis

Inland Valley Board of Realtors data is presently not available.

Some stats from Foreclosureradar.com about Notice of Defaults (NOD's) and Foreclosure Sales in San Bernardino County.  Defaults and Notice of Sales are running stronger than the end of the year, common thought is that the banks relaxed processing NOD's and NOS's during the holidays to avoid the bad press.  For January the number of NOD's are up 25.6% from last month and up 170.9% from last year and the NOS's are down 8.0% from last month and up 210.5% from last year

                               Notice of Defaults                   Notice of Sale          Cancellation of Sale

October 07                         982                            1,169                               270

November 07                   2,414                            1,391                               206

December 07                   3,210                            2,153                               209

January 07                      4,033                            1,981                               315

February 08                     3,494                            1,349                               225

March 08                          2954                            1,660                               246

 Overall, the market appears to continue to slide downward, foreclosures are up and pricing has really started to slip. New home builders are offering 3%-10% commissions to brokers who will bring in buyers, a sure sign that they are under extreme pressure.  Overall, my opinion is that this market will continue to slide downward for some time.

It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

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