Fortune Magazine has the IE at number 3, and 8 of their worst 10 markets in California. Miami and Washington DC were the only markets out side of Ca to make the list.
2008 median house price: $256,540
2009 projected change: -23.3%
2010 projected change: -4.8%
A popular boom earlier this decade fueled runaway prices for single-family homes in this market, which includes San Bernardino and Ontario, outside Los Angeles. Median prices are expected to fall to $197,000 in 2009, down nearly $60,000 from 2008.
Obviously their data is old. Currently Riversides median is $220k and San Berdu is at $185k. So the median for the entire IE is probably just a smidge over $200k. I think their projected change is about right though. Another 20% should put the IE back in the ball park.
Now if your really want to read a depressing (but mildly amusing) article check out this one from GQ. It's about foreclosure ally (The 15-fwy from Corona to Temecula), Lake Elsinore in particular.
"These houses are seventy-five miles from jobs in a world where oil gets ever scarcer. They are large and thus expensive to heat and cool. And forgive me, Southern California contractors, but they are junk. The market for $450,000 houses with ARMs waiting like assassins in the financial tall grass is over for good. It is quite possible that we have built and financed houses, developments, whole towns, without futures, that will collapse and become curious ruins."