About forty miles east of
Los Angeles California is the area known as Moreno Valley. There are a vast variety of properties in this community that have recently entered the foreclosed property area due to repossession. The area is having a fairly severe economic crisis and even the local City Hall has cut service and is no longer open on Fridays. This is in an effort to lower the cities expenses by ten percent.
The area is over populated with over prices homes that have fallen prey to the current financial crush and as a result there are many rather higher end properties sitting vacant and waiting for a buyer. Unlike other areas of the country and the state of
California you will not find a lot or smaller and modestly designed homes in this area.
The March Air Reserve base is one of the main things in the area for bringing revenue and that has been slow lately. The industry and retail has been building since about the year 2000 when there was an economic upturn but the recent crash of the real estate market is causing layoffs and terminations in all the industries in the area and as a result there has been a sharp increase in the repossessions and foreclosures in the general area.
The numbers that are present in the county of Los Angeles have moved east and are being reflected and echoed in Riverside and Moreno Valley. The experts in the world agree that California due to the lifestyle of excess that it has enjoyed for so long is going to take quite a while to recover from the current problems facing the country today and they agree that things in the state in general are going to get quite a bit worse before there is any improvement.
