TOPIC: Inland home prices showing stability

Prices of homes sold in Riverside and San Bernardino counties remained fairly stable last month, which experts said means that the price freefall may have ended. Still uncertain, they say, is whether a new rush of foreclosures could topple the housing market once again.

In Riverside County the median priced home, where half sold for more and half for less, was $185,000 in September, down $5,000 from August and more than 22 percent lower than a year ago. However, the median price of existing homes in the county, which was $184,000 in September, has risen since bottoming at $170,750 in April.

The median price of new and existing homes in San Bernardino County was $150,000 in September, up $5,000 from August but down almost 27 percent in a year. 
Full Article  http://www.pe.com/business/realestate/stories/PE_Biz_S_homesales14.362f776.html

The stabilization is a total cover job being done by the banks to bring prices up. There are hundreds of homes near me that have been foreclosed on but are not for sale. The banks are holding on to them to drive up the price, simple supply & demand. If they ever release those homes too quickly prices will plummet again. If they do it slowly it could work.

it is the same all around me empty houses that arejust sitting there.

Yup, imagine the prices if they were all for sale!

All these homes are now going short sale to get the most out of them. It takes so much longer to sell them the bank will sit on them waiting for mutable offers to recoup more of their losses. I inspected a Home in San Pedro Monday after noon the client had called me over 5 weeks ago that he had put in a offer and was sure he had got it. So look how long it took he paid a little over 500k for a home 3 years old that had sold for 980k when it was built. Most of the homes are going for less than half of what they have sold for, it is to the point of make or break...

It seems California is the worst for the short sales right now.