Double Trouble in the Inland Empire

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Further review of today’s DataQuick report on Southern California home sales highlights some scary numbers in the Inland Empire: the level of homes sales out there is falling off a cliff. Riverside and San Bernardino Counties both experienced sales declines of almost 50% from March 2006 to March 2007. That means half of the real estate activity disappeared. That’s rough.

The numbers:
Riverside: 3,680 homes sold in March 07, down 47.3% from March 06.
San Bernardino: 2,476 homes sold in March 07, down 46.6% from March 06.
Median prices in both counties were essentially flat.