My wife and I recently walked through a neighborhood in Riverwalk (Pierce street), near La Sierra University in Riverside. It’s a fairly new community (five years old?) and we couldn’t believe the number of homes for sale.

Here’s a map from refin (not sure if it will show up):
http://www.redfin.com/stingray/do/listings-search#residential=true&condo=true&min_price=&max_price=&num_beds=&num_baths=&time_on_market_range=-&min_listing_approx_size=&max_listing_approx_size=&sold_within_months=0&min_parcel_size=&max_parcel_size=&min_year_built=&max_year_built=&status=1&lat=33.909700373974346&long=-117.48926281929017&zoomLevel=16&disp_mode=B&market=socal

It seemed like every other house was for sale, including a bank owned home. After this, I drove my brother through the neighborhood and he commented about all the homes for sale and he doesn’t even follow real estate. Looks like the I.E. will likely be ground zero for most of this.