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Housing market passes 'point of falling prices' -

Published on Wednesday, January 13, 2010
By LESLIE BERKMAN


Home prices in Southern California hit bottom last April and the region's foreclosure-battered housing market is recovering with no second dip in the foreseeable future, a local economist predicts.

"The Inland Empire's housing market has passed the point of falling prices, signaling that the worse of the housing crisis appears to be over," Inland economist John Husing said in a quarterly economic report published this month by the San Bernardino County Associated Governments.

Husing, explaining his position in an interview Wednesday, said historic housing affordability in Riverside and San Bernardino counties has created demand from prospective buyers here and in the more expensive coastal counties that far exceeds the supply of houses available for sale.

He noted that in the fourth quarter of 2009 the median price of existing homes in Riverside and San Bernardino counties had risen to an estimated $177,604, up from $155,319 at its low point in the second quarter   Read Full Article...

 
 

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