Metropolitan Statistical Area (MSA):
Riverside-San Bernardino-Ontario, CA is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Riverside-San Bernardino-Ontario, CA metropolitan statistical area (MSA) has been one of the hardest hit areas in terms of the housing market crash. However, there are signs that the market is beginning to rebound in this area. According to RealtyTrac, a leading online real estate marketplace, foreclosure filings in the MSA were down 23 percent in 2012 compared to 2011. This is a good sign that fewer homeowners are falling behind on their mortgage payments and are at risk of losing their homes to foreclosure.
In addition, home prices in the MSA have begun to rise modestly. According to Zillow, a leading real estate information website, the median home value in the MSA was $247,000 in March 2013, which is up 2.4 percent from one year ago. This is encouraging news for both current homeowners and those looking to purchase a home in the near future.
Overall, it appears that the Riverside-San Bernardino-Ontario housing market is slowly but surely beginning to recover from the devastating effects of the housing market crash. While there is still a long way to go before prices return to pre-crash levels and foreclosures become a thing of the past, it is clear that this area is heading in the right direction.