In local real estate news, it looks like the housing meltdown is expected to push several cities into financial balancing acts as they rake in millions less in residential property-tax revenues. The Inland Empire continues to suffer from record foreclosure rates and a sour housing market, which is pushing home values drastically lower.
Fontana city leaders are optimistic in 2008 that their city, which has grown steadily in population and business activity during the past decade, will be insulated from the most severe repercussions of the housing woes that threaten the Inland Empire economy. Fontana has become the second-largest city in San Bernardino County with 181,640 residents. Fontana surpassed both Ontario (172,701) and Rancho Cucamonga (172,331) and now is second only to San Bernardino (205,010), according to the Inland Empire Quarterly Economic Report. Fifty percent of Fontana's jobs are considered white collar, while 35 percent are blue collar and 15 percent are service and farm. This is a dramatic transformation from previous generations.
Troubles in the real estate market are weighing on the economic outlook for Orange County in 2008. Economists are divided on whether the sagging housing market will tip the county's economy into recession. The number of homeowners having difficulties making house payments is expected to climb in 2008, leading to more homes being offered for sale at lower prices.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
No comments:
Post a Comment
Thank you for commenting!