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Wednesday, August 10, 2011

The Ten Housing Markets That Will Collapse This Year: Yahoo

2. Riverside-San Bernardino, California
Expected price drop: -15.6%
Median family income: $59,700 (190th highest)
Unemployment rate: 13.7%
Median home price: $181,000 (70th highest)
Projected to hit lowest level: Q1 2012
Like so many industrial cities in California, Riverside-San Bernadino is being affected by the recession and housing crisis more than most other parts of the U.S. Unemployment has hit 13.7%, home vacancy and rental vacancy rates are high, and home values are plummeting. Median home prices are down more than 55% from their peak in 2006. By the beginning of next year, prices are expected to drop an additional 15.6%, or nearly $30,000.

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