Toni Momberger, Staff Writer
Posted: 11/16/2012 06:34:15 PM PST
Foreclosures, which for years have been synonymous with the Inland Empire, are becoming less of a presence in the region’s housing market.
The Inland Empire was widely called the foreclosure capital of the nation for a few years following the housing boom. From January of 2007 to December of 2008, repossessed homes on the market went from 57 to 4,664 in San Bernardino County.
Today there are 317, according to Jerry Gusman with Realty Executive Experts in Rancho Cucamonga, a real estate radio show host who gave a presentation on the market for the Southern California Real Estate Investors Association in Ontario this summer.
Redlands, Loma Linda and San Bernardino had 383 active home listings on Friday and just 26 were foreclosures and 70 short sales.
In April, San Bernardino and Riverside counties had the most foreclosure activity in any of the nation’s 20 largest metropolitan areas.
Where was the Inland Empire in 2009?
Back then, 75 percent of the inventory was distressed – either foreclosed or short sold.
“Foreclosures on the market have dried up significantly,” said Donald L. Mowery II, owner of 1 Advanced Realty and Appraisal Inc. in Upland.
The decline in foreclosures is also the case in San Bernardino County’s West End.
Rancho Cucamonga, Upland and Ontario had a combined 371 active listings. Of those, 29 were foreclosures, 66 were short sales.
“The foreclosure market is hot,’ said Todd Picconi, an agent with Blackstone Realty in Rancho Cucamonga. “When we see a foreclosure come on the market now, it’s a parade house.”
To read entire story, click here.