The North County Times reports today that home values in Riverside County have hit a four year low, averaging $331,500, it's lowest level since July 2004....
Prices continued to plummet across Southern California, with Riverside County's median sale falling to $331,500, its lowest level since July 2004, according to the monthly report by DataQuick Information Systems.I just looked at my home's value on Zillow.com, and it pretty much reflects the same trend.
The article went on to quote Gene Wunderlich, a Realtor in Wildomar, that we're going to see more depreciation. I tend to agree.
I'm not a real estate expert, but everything I've read so far about our economy says that 2008 is going to just as bad as 2007. It doesn't look like the economy is going to get better until 2009.
Countryside Marketplace is supposed to open its first stores in September 2008. That should help create more demand for Menifee homes. But any demand that gets created here will be swallowed up by new home builders.