Moreno Valley, California

In Moreno Valley, California, homes have a median worth of $311,200. In the past year, the value of houses has risen 8.9 percent. This is a hot market. House values are predicted to rise 6.2 percent in the following year.

$186 is Moreno Valley’s per square foot list cost median. $201 is the Metro area of Riverside’s per square foot list cost median,

$319,800 is the current median list house cost in Moreno Valley. $318,000 is the current median cost of houses sold.

$1,750 is the Moreno Valley rent cost median. The Metro area of Riverside has a higher median rent cost of $2,055.

For the next few years, the rate of foreclosures will impact the worth of residential homes. 2.7 houses go through the foreclosure process per 10,000 in Moreno Valley. This is a higher amount than the metro area of Riverside, which has 2.1 houses that go through the foreclosure process per 10,000. The United States has a lower foreclosure rate of 1.6 houses for every 10,000.

The process of foreclosure has a first step. It’s called mortgage delinquency. What does mortgage delinquency mean? It’s when an owner of a house misses making a payment on their mortgage. 1.7 is the percentage of homes that go through mortgage delinquency in Moreno Valley. This is a greater amount than the national percentage of mortgage delinquencies, which is 1.6 percent.

The worth of United States houses has gone down greater than 20 percent on a national level. This is from its high in the year 2007, to its low late 2011. Because of this, quite a few owners of houses are experiencing their mortgages being under water. The definition of a mortgage being underwater is that the home owner owes a greater amount on the home than the value of the home. 11.4 percent of Moreno Valley Houses are experiencing being underwater regarding their home mortgage. This is greater than the metro area of Riverside which has 10.1 percent of its homes being underwater.

Moving on to commercial real estate, Lakeshore Village Marketplace was sold for $5.73 million in Moreno Valley. This is a retail neighborhood center of 80,000 square feet. The property sits on 10.34 acres, and it was constructed in 1993. Its address is 23571-23581 Sunnymead Ranch Parkway.

The property has 36% occupancy, and it has the following tenants: Bank of America, Subway, plus additional neighborhood restaurants as well as retailers. Several years ago the center experienced losing its anchor grocery tenant. However, the retail center has kept its overall occupancy level space wise.

In the future, there exists the potential for development on a part of the property that has 2 acres.

The Moreno Valley median household income is $54,229.