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Analyst sees ‘ghost town’ in Inland Empire
by SUICIDEkings | July 2, 2008 at 05:13 pm | 219 views | 3 comments
Peter Viles
LA Times
Wednesday, July 2, 2008A financial analyst fresh from a tour of construction sites in the Inland Empire is warning Wall Street of a “ghost town” where finished homes sit vacant and additional homes are still under construction.
“At several properties, there were a significant number of fully built homes sitting vacant along with a large number of additional homes still under construction,” Sandler O’Neill & Partners analyst Aaron Deer wrote today after touring developments in Corona and Ontario. “At one master plan community, the entire development appeared to be vacant — with the exception of crews working on new construction, it was a ghost town.”
Median home prices in both communities have dropped sharply over the last year, declining 33.6% in Corona and 30.3% in Ontario, according to DataQuick Information Systems. In Corona, the median sales price fell nearly $200,000 from May 2007 to May 2008, dropping from $565,000 to $375,000..............Article continue
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July 2, 2008 at 05:13 pm by SUICIDEkings, 219 views, 3 comments
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Comments (3)
at 17:49 on July 2nd, 2008
Ghost towns and SUV (Suddenly Useless Vehicles) used car graveyards!
at 20:55 on July 2nd, 2008
SUICIDEkings, I am surprised they are still working to finish them, is this their way of protecting the investment they put into the new ghost town being continually created? Strange times!
Rene a year ago who would have thought a SUV would mean "Suddenly Useless Vehicles" I like it.
at 04:59 on July 3rd, 2008
Probably optimism in the economy somehow turning around, though the housing market won't bounce back quite that quickly. I suspect that those houses will remain vacant for a while, except as clandestine locales for high school parties.