Inland Empire Prepares for 350,000 Foreclosures
The articles features an interview with the executive director of the Western Riverside Council of Governments, Rick Bishop:
"For example, there were approximately 360,000 homes traded during 2004 through 2007; virtually all of these properties are now "upside down," meaning that they are now worth less than what is owed on them. This represents about one-third of all the homes in Riverside and San Bernardino counties. Of these 360,000 homes, approximately 126,000 have received notices of default; and the remaining 254,000 could be in that queue once their mortgage rates, which are most likely tied sub-prime and adjustable loans, adjust in the next year or two."
"Western Riverside County has been the fastest growing area in California for the last several years, and even with the economic slow down it will remain the state's nadir for growth for the next two decades. These growth-related economic issues, both the good and the bad, are magnified in areas like ours. Notwithstanding this current situation, if you stay focused on the long-term, our region's growth-related challenges and opportunities remain the same. The economic situation in our sub-region, particularly given the heightened sensitivity to the ebb and flow of housing, serves notice to us that our sub-region still lacks diversity in the economy that would perhaps have helped us to better withstand this crisis."