I would like to know also. I am in the IE, Riverside. I am starting to see home as low as 80sqft in areas of Moreno Valley. With the amount of homes built here over the last few years, I see prices dropping to 1999 levels. If this happens, then the drop will be 60% from peak.
I sold my last home(Riverside) right before the market dropped. I sold my home for 368k for a 1000sqft home in the ghetto back in April. The same home has dropped to 200k, and is still falling. I did purchase this home in 2000, and paid 115k for it. I see the prices correcting to this level.
I still have 100k of bubble money from the sale of the home left over. I am debating on if I should pick up a few rental properties when this market overcorrects.
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