San Bernardino Housing Values: October 2008

The news so far this year has been uniformly depressing. Why should the end of the year be any different?

This month San Bernardino County, along with Riverside, one of the hardest hit areas in the country, has most a median home value 38% lower than last year at this time. Remember: median means half the homes sold for more and half sold for less. Countywide, the median has now sunk to an amazing $190,000

While horrible news for homeowners, it’s great news for investors and home buyers who can now get the deal of a lifetime. Plus, as indicated here before, this is the best time of the year to buy if you want to get a bargain. Buy now or repent later!

Where have the homes sunk the most? The two areas that have lost the most value are the High Desert and the City of San Bernardino.In these areas the devastation has been considerable.  Apple Valley’s two ZIPs have dropped 49% to a median $149,000 [92307] and 37% to $142,000 [92308], Victorville has sunk 36% to $152,000 [92392],43% to $155,000 [92394] and 44% to $140,000 [92395]. Of course, foreclosures are raging in the area as well, though banks are starting to do some loan modifications. The other horror story is the City of San Bernardino itself which in 3 ZIPs [92405, 92410, 92411] have lost 61%, 64% and 68%, plummeting to median values of $106,000, $94,000 and $73,000. Southern California has not seen prices like these for many, many years.

Areas that have lost value more in keeping with the county median include Fontana losing only 29% to a median of $295,000 in 92336, 36% to $229,000 in 92337 and a lamentable 47% to $173,000 in 92335. Rialto home values have fallen precipitously to about $190,000 or 42%. The City of Ontario hit almost exactly the countywide median at a loss of 34% to a home value of about $230,000.

Beautiful Rancho Cucamonga has also been hard hit, with two ZIPs [91701,91730] losing 17% and 22% but still maintaining value at $354,000. Also among the highest values in the county are Rancho’s other two ZIPs [91737,917390] sinking 34% and 10%, but still clocking what now are high values-$461,000 and $450,000.

Other cities which are looking considerably better than the rest of the county include Chino which has lost about 28% of its value to a median of $325,000, affluent Chino Hills dropping 20% to a median of $465,000 and Upland which has dropped 20% 91784 to $495,000 and 13% to $330,000 in 92392.