More Than Half of Inland Empire Homes Underwater

Inland Empire Real EstateHome values in the Riverside metropolitan area were 1.5 percent lower in the third quarter of this year than in the second quarter and down 5 percent from a year earlier, according to a report this week from Zillow Inc.

The median value of an Inland home, as determined by the Zillow Index that looks at all homes, whether or not they sold in a particular period, was $182,700 in the third quarter, down nearly 55% from the peak.

Zillow also found that in the third quarter the share of homes with values that are lower than their mortgages, or “underwater” in the popular vernacular, remained higher in the Riverside metropolitan area than in most of the nation, at 51.4 percent.

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