According to DataQuick, the County's median home sale price declined slightly to $154,000 in December after posting six consecutive months of increases. Sales volume also increased slightly, from 2,751 in November to 2,934 in December.
During 2009Q4, the number of trustee deeds recorded (foreclosures) in the County held steady at 4,994, just 5 fewer than the 4,999 recorded in 2009Q3. The number of foreclosures in the County has stayed near 5,000 per quarter for a year, even though the number of notices of defaults (NODs) has fallen for three consecutive quarters. The pressure on the housing market is still there, but the main source of defaults is now unemployment instead of bad loans. While there are programs to help those with bad loans, there are almost no programs designed to deal with unemployment-induced foreclosures.
In December, 150 residential building permits were issued, compared to 324 issued in 11/'09. Of those, 108 were single-family residences (SFRs) and 42 were multi-family units. SFR activities were mostly concentrated in three cities: Rancho Cucamonga (26), Fontana (25), and Chino (16). All multi-family activities were in Fontana (27), Chino (9), and Ontario (6). SFRs accounted for 57% of all housing units permitted in '09, down from a peak of 92% in '05. For 2009, there were 2,493 units permitted, or 86.5% lower than the level in 2004 when construction activity peaked.
For the fourth consecutive month, and fifth time in 2009, there were no commercial office, industrial, and retail building permits issued in December. For commercial office, it was the sixth consecutive month of no activity. For the past 16 months, there were 12 months in which no commercial office building permits were issued. Compared to the peak year of 2007, office construction was 93% lower in 2009. The County had just one large industrial project permitted in 2009 -- the Dr. Pepper/Snapples plant in Victorville. Compared to the peak year of 2006, industrial construction was 91% lower in 2009. Compared to the peak year of 2007, retail construction was also 91% lower in 2009.
During 2009Q4, the number of trustee deeds recorded (foreclosures) in the County held steady at 4,994, just 5 fewer than the 4,999 recorded in 2009Q3. The number of foreclosures in the County has stayed near 5,000 per quarter for a year, even though the number of notices of defaults (NODs) has fallen for three consecutive quarters. The pressure on the housing market is still there, but the main source of defaults is now unemployment instead of bad loans. While there are programs to help those with bad loans, there are almost no programs designed to deal with unemployment-induced foreclosures.
In December, 150 residential building permits were issued, compared to 324 issued in 11/'09. Of those, 108 were single-family residences (SFRs) and 42 were multi-family units. SFR activities were mostly concentrated in three cities: Rancho Cucamonga (26), Fontana (25), and Chino (16). All multi-family activities were in Fontana (27), Chino (9), and Ontario (6). SFRs accounted for 57% of all housing units permitted in '09, down from a peak of 92% in '05. For 2009, there were 2,493 units permitted, or 86.5% lower than the level in 2004 when construction activity peaked.
For the fourth consecutive month, and fifth time in 2009, there were no commercial office, industrial, and retail building permits issued in December. For commercial office, it was the sixth consecutive month of no activity. For the past 16 months, there were 12 months in which no commercial office building permits were issued. Compared to the peak year of 2007, office construction was 93% lower in 2009. The County had just one large industrial project permitted in 2009 -- the Dr. Pepper/Snapples plant in Victorville. Compared to the peak year of 2006, industrial construction was 91% lower in 2009. Compared to the peak year of 2007, retail construction was also 91% lower in 2009.
