Homes in the Morningside neighborhood in North Fontana continue to have an average sell price that is higher than the average list price. From June 9, 2008 through June 30, 2008 homes sold have had an average listing of $297,500. For the same period, the average selling price has been for $308,000.
 

For those of you in the Morningside neighborhood this number might sound very low. It is low compared to your August 2005 value. These recent sales reflect the sale of REO homes and a short sale. These are distress sales and they generally sale for less. Since the majority of listings are REO or short sale listings that then become REO, the value of homes are declining rapidly. If you do not need to sell your home, I suggest you wait until the record high inventory of foreclosures at least stops rising. Until this happens, you will not get what you want.

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