Well, what do you expect when mortgage lenders were practically begging to cut a deal - even if you really couldn't afford to own a house? And now that home values are dropping - and mortgage payments are rising - it's not very surprising to see a jump in foreclosures in what had been one of the fastest growing cities in the Inland Empire. RealtyTrac reports that 336 properties were up for auction and that 838 were bank-owned. That's second only to San Bernardino, with 379 properties up for auction and 997 in foreclosure. Fontana also has 1,536 properties listed as "pre-foreclosures," meaning the homes are in notice of default. From the Daily News:
Fontana City Manager Ken Hunt said the market for retail development is still strong, and a continued housing slowdown won't drastically change that picture. "We were underserved commercially," he said. "Even though the rooftop growth has slowed down, the community is still underserved commercially. It seems to still be a strong market niche right now." If the housing market were better for buyers and new home builders, there would be "no issues or problem" with returning back to a time where developers pulled 1,500 to 2,000 building permits per year, Hunt said. "It's not because we're an undesirable place to move to. It's a function of people taking out aggressive loans."