Metrostudy Report - Riverside, CA– November 1, 2011 - The Inland Empire Housing Economy remains stalled as consumers back off of new home purchases despite positive signs in recent employment reports, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

“The number of new employed persons finally began to increase as businesses focus on the bottom line and expand and hire,” said Steve Johnson, director of Metrostudy’s Inland Empire Region. The Inland Empire has posted +12,900 jobs year over year through September 2011. With an unadjusted unemployment rate at 13.4% the Inland Empire stands weaker than both California’s 11.4% and national’s 8.8%.

“The Inland Empire housing economy went into full retreat,” said Johnson. 692 homes closed, down 12% from 2Q11, and down 54% from 3Q10. Starts in 3Q11 were at 788, down 25% from 2Q11 and down 29% from 3Q10. Single family inventory totaled 3,611 units at the end of 3Q11, an increase of 3% from 2Q11 to a 13.1 month supply.

“Overall foreclosure activity in the Inland Empire in September was down almost 15% from August,” said Johnson. There is currently 5.2 months of supply in the resale markets and an 8.3 months supply in the new home market.

“This is a time when communities need to inventory the existing business community to determine where to focus various programs designed to stimulate growth,” said Johnson.

For information contact:
steve johnson @ 951.848.3100
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