The world’s first train wreck with fatalities happened in 1833. Former president John Quincy Adams and Cornelius Vanderbilt, who later made a fortune in railroads, were aboard.
Moreno Valley real estate is the first thing that I thought of after reading about that 1833 train wreck. Consider the median price information for Moreno Valley over the last year:
Four zip codes - 92551, 92553, 92555, and 92557 - cover all of Moreno Valley. So I asked the Magic 8 Ball, “What are the cheapest bank owned foreclosures in Moreno Valley?”
Cheapest Moreno Valley Real Estate Foreclosures.
- 92551 Zip Code - $54,900. The listing agent says, “This is not a type-O home.” What would a train wreck be without a little blood?
- 92553Zip Code - $69,000. This one reminds me of John Mellencamp’s Little Pink Houses.
- 92555 Zip Code - $129,900. Apparently, the new math says that a 4,356 sq. ft. lot is large.
- 92557 Zip Code - $99,900.
These four homes, each the cheapest in it’s zip code, average $88,425.The average price is about 29% cheaper than when these houses were first offered. But perhaps the most telling statistic for Moreno Valley real estate is this: these foreclosures average an astounding 76% discount to what they last sold for!
So, is Moreno Valley real estate a train wreck?
All kinds of metaphors race through my head as I consider this question. Then I remembered a quote from Dan Quayle. He said, “The future will be better tomorrow.”