Home prices continue to fall in Riverside County

“Last week, Riverside-based real estate investor and lender Bruce Norris of the Norris Group predicted the state will experience a 15 to 30 percent plunge in property values over the next three years. He anticipated more homeowners will default on adjustable rate mortgages, triggering a wave of foreclosures.Norris said with only 25 percent of Californians able to afford a median-priced home, the inventory of available housing will continue to rise until prices deflate appreciably and buyers return around 2011.”