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Residential Real Estate Market – Some Cities Are No Where Near a Recovery

Although, it does not appear that the United States economy will enter a double-dip recession, many may conclude that the residential real estate market already has. Normally, when real estate recovers, it helps the overall recovery of the economy and thus is one of the economic indicators that shows that the recovery is moving forward. Unfortunately, that did not happen this time and no new construction jobs were created, as has happened during past economic recoveries.

California had some counties that were hit extremely hard, for example Riverside County, which had foreclosure rates that were very close to that of South Florida, the Las Vegas Area, or the Phoenix AZ area. It grew incredibly fast and many people bought new homes on the top of the market for far more than they could afford to spend, and then with all the job losses, there was no way they could make the mortgage payments. theirs. Meanwhile the houses they bought lost 40% in value, about 60% if you can believe it.

A while ago, I spoke with an acquaintance who is currently unemployed in Riverside County, but has gone back to school to get a degree so he can recover personally financially from this tragic economic event. He lives in a very nice suburban community of Marino Valley. When he explained this to me, I said;

“I know Moreno Valley, it’s good there, but with the recession, it certainly hurt real estate prices there, what a disaster, one of the worst hit areas in the U.S. actually, mostly because it grew so fast, but all those middle class tracts – the houses they built are very nice, what’s the neighborhood like now, I’m worried about the gangs and crime that’s moving in now?”

Actually, I asked him if it was too bad, with the gangs, the violence and the crime. He said there was a crime, but the next day I read in the newspaper that a teenage girl, only 17 years old, was shot in front of a friend’s house where she attended a party in that city. She was able to drive her car away, but was bleeding profusely and started screaming for help in the middle of someone else’s neighborhood. They called the doctors, took her to the hospital, but she died.

It is often said that the crime rate increases by 2.5% for every 1% increase in foreclosures. During this latest real estate crash, those numbers didn’t seem to match the FBI’s past records. However, perhaps all these data are now catching up with this reality. And it still looks like the residential real estate market in these suburban areas like Marino Valley may not come close to recovery for at least three years, but most likely another five. That would be over eight years in total, just to get back to where things were.

Most of California goes through a ten-year residential real estate appraisal cycle, and it appears that this cycle may be somewhat longer either due to government economic policy, or simply the reality of the size of the bubble that finally burst. of 2008. I really hope you will please consider all this and think about it.

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