Riverside Economic Report June 2010

Riverside County Economic Profile June 2010 The copyright laws of the United States (Title 17 U.S. Code) forbid the unauthorized reproduction of this report by any means, including facsimile or computerized formats. Copyright © 2010, CALIFORNIA ASSOCIATION OF REALTORS®

Sales of Existing Detached Homes and Pacific West Consumer Confidence Riverside County, May 2010: 1,618 Units, Down 17.8% YTD, Down 17.5% YTY Sales Consumer Confidence UNITS 2500 INDEX 160 140 2000 120 100 80 60 1500 1000 40 500 20 0 SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®; The Conference Board 0 Jul-90 Jul-91 Jul-92 Jul-93 Jul-94 Jul-95 Jul-96 Jul-97 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

Sales of Existing Detached Homes Riverside County, 2009: 21,026 Units, Up 21.7% YTY MONTHLY ANNUAL UNITS 25,000 20,000 15,000 10,000 2,500 2,000 1,500 1,000 5,000 0 2006 2007 2008 2009 2010 500 0 SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 1989 1992 1995 1998 2001 2004 2007 Jul Oct Apr Jan Jun Feb Nov Aug Dec Mar May Sept

Median Price of Existing Detached Homes Riverside County, May 2010: $205,040, Up 25.5% YTY $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Jul-90 Jul-91 Jul-92 Jul-93 Jul-94 Jul-95 Jul-96 Jul-97 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Median Price Annual Comparison Riverside County, 2009: $172,714, Down 27.7% YTY MONTHLY ANNUAL $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $- SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® $100,000 $50,000 $- 2006 2007 2008 2009 2010 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 Jul Oct Jan Jun Apr Nov Feb Mar Dec Aug May Sept

Median Home Sales Price Riverside County Yearly % Change May-10 May-09 Riverside County Banning Beaumont Cathedral City Corona Desert Hot Springs Hemet Indio La Quinta Lake Elsinore Menifee Mira Loma Moreno Valley $210,000 $147,000 $206,000 $162,000 $336,750 $110,000 $130,000 $189,250 $330,000 $180,000 $215,000 $340,000 $165,000 $180,000 $112,500 $199,000 $153,955 $308,000 $82,000 $121,000 $171,000 $325,000 $170,000 $205,500 $277,500 $130,000 16.7% 30.7% 3.5% 5.2% 9.3% 34.1% 7.4% 10.7% 1.5% 5.9% 4.6% 22.5% 26.9% SOURCE: C.A.R.; DataQuick Information Systems. The price statistics are derived from all types of home sales -- new and existing, condos and single-family.

Median Home Sales Price Riverside County Yearly % Change May-10 May-09 Murrieta Norco Palm Desert Palm Springs Perris Rancho Mirage Riverside San Jacinto Sun City Temecula Wildomar Winchester $249,000 $297,250 $308,000 $227,250 $170,000 $490,000 $200,000 $135,500 $175,000 $270,000 $210,000 $235,500 $230,000 $370,000 $295,000 $200,000 $132,000 $459,000 $177,000 $130,000 $146,500 $240,000 $233,000 $240,000 8.3% -19.7% 4.4% 13.6% 28.8% 6.8% 13.0% 4.2% 19.5% 12.5% -9.9% -1.9% SOURCE: C.A.R.; DataQuick Information Systems. The price statistics are derived from all types of home sales -- new and existing, condos and single-family.

Unsold Inventory Index Riverside and San Bernardino Counties, May 2010: 4.1 Months MONTHS 30 Inland Empire 25 20 15 10 5 0 SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® Riverside & San Bernardino Jul-93 Jul-94 Jul-95 Jul-96 Jul-97 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

Median Time on the Market Single-Family Homes – Riverside/San Bernardino, May 2010: 31.3 Days 140 120 100 80 60 40 20 0 1/1/1989 1/1/1990 1/1/1991 1/1/1992 1/1/1993 1/1/1994 1/1/1995 1/1/1996 1/1/1997 1/1/1998 1/1/1999 1/1/2000 1/1/2001 1/1/2002 1/1/2003 1/1/2004 1/1/2005 1/1/2006 1/1/2007 1/1/2008 1/1/2009 1/1/2010 SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Foreclosures Riverside County 14000 12000 10000 8000 6000 4000 2000 0 Q1/89 Q1/90 Q1/91 Q1/92 Q1/93 Q1/94 Q1/95 Q1/96 Q1/97 Q1/98 Q1/99 Q1/00 Q1/01 Q1/02 Q1/03 Q1/04 Q1/05 Q1/06 Q1/07 Q1/08 Q1/09 SOURCE: Real Estate Research Council

Ratio of Foreclosures to Home Sales Riverside County 80% 70% 60% 50% 40% 30% 20% 10% 0% 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 SOURCE: Real Estate Research Council

Mortgage Rates 10% 9% 8% 7% 6% 5% FRM ARM Federal Funds 4% 3% 2% 1% 0% SOURCE: Federal Home Loan Mortgage Corporation Jul-91 Jul-92 Jul-93 Jul-94 Jul-95 Jul-96 Jul-97 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

Housing Affordability Index Riverside County, 1st Quarter 2010: 63% % OF HOUSEHOLDS THAT CAN BUY 80% 60% 40% 20% 0% SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® QTRLY Monthly ---- Jul-90 Jul-91 Jul-92 Jul-93 Jul-94 Jul-95 Jul-96 Jul-97 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 2007.2 2008.4 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05

First-time Buyer Housing Affordability Index Riverside County, 1st Quarter 2010: 77% % OF HOUSEHOLDS THAT CAN BUY 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Q3/07 Q1/08 Q3/08 Q1/09 Q3/09 Q1/10 SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Nonfarm Employment Riverside/San Bernardino Metropolitan Area, May 2010: Down 3.1% YTY Y-T-Y PERCENT CHANGE 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% Jul-91 Jul-92 Jul-93 Jul-94 Jul-95 Jul-96 Jul-97 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 SOURCE: CA Employment Development Division

Unemployment Rate Riverside County, May 2010: 14.0% 16% 14% 12% 10% 8% 6% 4% 2% 0% Jul-90 Jul-91 Jul-92 Jul-93 Jul-94 Jul-95 Jul-96 Jul-97 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 SOURCE: CA Employment Development Division

Unemployment Rate Riverside County – May 2010 Area Name Riverside County Banning city Beaumont city Bermuda Dunes CDP Blythe city Cabazon CDP Calimesa city Canyon Lake city Cathedral City city Cherry Valley CDP Coachella city Corona city Desert Hot Springs city East Hemet CDP El Cerrito CDP Glen Avon CDP Labor Force 909,400 11,600 6,800 4,300 7,100 1,200 4,100 6,400 26,100 3,300 12,300 83,300 9,500 8,800 3,000 8,500 Rate 14.0% 15.9% 15.9% 6.5% 16.7% 33.2% 10.7% 8.6% 13.7% 12.5% 21.7% 10.3% 19.5% 14.5% 15.7% 15.6% CCD Census County Division CDP Census Designated Place SOURCE: CA Employment Development Department

Unemployment Rate Riverside County – May 2010 Area Name Hemet city Highgrove CDP Home Gardens CDP Homeland CDP Idyllwild Pine Cove CDP Indian Wells city Indio city La Quinta city Lake Elsinore city Lakeland Village CDP Lakeview CDP March AFB CDP Mecca CDP Mira Loma CDP Moreno Valley city Murrieta city Labor Force 26,700 2,000 5,800 1,600 2,600 1,700 27,200 14,600 17,100 3,400 1,000 200 3,500 10,600 87,500 27,100 Rate 17.5% 17.6% 15.3% 26.5% 18.1% 5.0% 15.1% 7.4% 13.6% 21.8% 16.6% 14.2% 27.1% 13.6% 16.1% 9.3% CCD Census County Division CDP Census Designated Place SOURCE: CA Employment Development Department

Unemployment Rate Riverside County – May 2010 Area Name Murrieta Hot Springs CDP Norco city Nuevo CDP Palm Desert city Palm Springs city Pedley CDP Perris city Quail Valley CDP Rancho Mirage city Riverside city Romoland CDP Rubidoux CDP San Jacinto city Sedco Hills CDP Sun City CDP Labor Force 1,100 13,500 2,400 24,700 26,100 7,300 19,800 1,000 6,400 160,000 1,500 17,200 12,500 1,500 6,300 Rate 17.3% 11.4% 11.4% 8.4% 10.9% 9.9% 21.4% 22.0% 12.5% 14.1% 21.6% 19.5% 20.8% 15.0% 14.9% CCD Census County Division CDP Census Designated Place SOURCE: CA Employment Development Department

Unemployment Rate Riverside County – May 2010 Area Name Sunnyslope CDP Temecula city Thousand Palms CDP Valle Vista CDP Wildomar CDP Winchester CDP Woodcrest CDP Labor Force 2,500 36,300 2,500 5,600 8,100 1,500 5,600 Rate 12.4% 9.6% 9.8% 14.9% 12.3% 20.2% 8.8% CCD Census County Division CDP Census Designated Place SOURCE: CA Employment Development Department

Taxable Sales Riverside County ANNUAL PERCENT CHANGE 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% Q1/89 Q3/89 Q1/90 Q3/90 Q1/91 Q3/91 Q1/92 Q3/92 Q1/93 Q3/93 Q1/94 Q3/94 Q1/95 Q3/95 Q1/96 Q3/96 Q1/97 Q3/97 Q1/98 Q3/98 Q1/99 Q3/99 Q1/00 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Q3/07 Q1/08 Q3/08 Q1/09 SOURCE: CA State Board of Equalization

New Housing Permits Riverside County, April 2010: 368 Units, Up 14.2% YTD 5000 4500 Single Family Multi-Family 4000 3500 3000 2500 2000 1500 1000 500 0 SOURCE: Construction Industry Research Board Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

Median Price for New Homes Riverside County 1Q10 Detached: $285,323, Attached: $196,990 $500,000 $450,000 $400,000 Detached $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®; Hanley Wood Attached Q1/88 Q1/89 Q1/90 Q1/91 Q1/92 Q1/93 Q1/94 Q1/95 Q1/96 Q1/97 Q1/98 Q1/99 Q1/00 Q1/01 Q1/02 Q1/03 Q1/04 Q1/05 Q1/06 Q1/07 Q1/08 Q1/09 Q1/10

New Home Sales Riverside County (Attached), 2010 Q1 Sales: 85 Units 1200 1000 800 600 400 200 0 Q1/88 Q3/88 Q1/89 Q3/89 Q1/90 Q3/90 Q1/91 Q3/91 Q1/92 Q3/92 Q1/93 Q3/93 Q1/94 Q3/94 Q1/95 Q3/95 Q1/96 Q3/96 Q1/97 Q3/97 Q1/98 Q3/98 Q1/99 Q3/99 Q1/00 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Q3/07 Q1/08 Q3/08 Q1/09 Q3/09 Q1/10 SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®; Hanley Wood

New Home Sales Riverside County (Detached), 2010 Q1 Sales: 774 Units 8000 7000 6000 5000 4000 3000 2000 1000 0 Q1/88 Q3/88 Q1/89 Q3/89 Q1/90 Q3/90 Q1/91 Q3/91 Q1/92 Q3/92 Q1/93 Q3/93 Q1/94 Q3/94 Q1/95 Q3/95 Q1/96 Q3/96 Q1/97 Q3/97 Q1/98 Q3/98 Q1/99 Q3/99 Q1/00 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Q3/07 Q1/08 Q3/08 Q1/09 Q3/09 Q1/10 SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®; Hanley Wood

Asking Rents for Class A&B Apartments Inland Empire, 2010 Q1: $1,054 Down 5.2% YTY $1,200 $1,000 $800 $600 $400 $200 $0 Q3/97 Q2/98 Q1/99 Q4/99 Q3/00 Q2/01 Q1/02 Q4/02 Q3/03 Q2/04 Q1/05 Q4/05 Q3/06 Q2/07 Q1/08 Q4/08 Q3/09 SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®; REALFACTS

Vacancy Rates for Class A&B Apartments Inland Empire, 2010 Q1: 7.2% VACANCY RATE 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 1990 1993 Q4/95 Q2/97 Q1/98 Q4/98 Q3/99 Q2/00 Q1/01 Q4/01 Q3/02 Q2/03 Q1/04 Q4/04 Q3/05 Q2/06 Q1/07 Q4/07 Q3/08 Q2/09 Q1/10 SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®; REALFACTS

Population Percent Changes Riverside County (1971-2008) 10.0% 9.0% 8.0% 7.0% Riverside County CA Nation 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% SOURCE:U.S. Census Bureau; California Department of Finance; CALIFORNIA ASSOCIATION OF REALTORS® 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Sources of Population Growth Riverside County (1981-2008) THOUSANDS 120 Natural Increase 100 Net Migration 80 60 40 20 0 SOURCE: CA Department of Finance 06 81 82 07 08 83 84 85 86 87 88 89 91 90 94 92 93 96 95 97 98 99 00 01 02 03 04 05 20 19 19 20 20 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20

Net Immigration Vs. Domestic Migration Riverside County THOUSANDS Net Immigration 60 Domestic Migration 50 40 30 20 10 0 1991 1993 1995 1997 1999 2001 2003 2005 2007 SOURCE: CA Department of Finance

Household Relocations Riverside County County San Bernardino County, CA Orange County, CA Los Angeles County, CA San Diego County, CA Clark County, NV Maricopa County, AZ Imperial County, CA Ventura County, CA Kern County, CA Santa Clara County, CA Total-Top 10 All Migration Outflow 7,330 6,165 5,794 4,706 959 901 488 330 301 259 27,233 42,086 Inflow 9,914 6,970 9,442 4,682 728 612 339 332 259 271 33,549 44,893 Net Outflow (2,584) (805) (3,648) 24 231 289 149 (2) 42 (12) (6,316) (2,807) 621,197 -1.0% -0.5% Total Number of Households Top 10 as % of All Households All Net Mig as % of All Households Source: NAR Relocation Report 2008 – IRS Data; Item 187-06065, US Census Bureau

Where are new Riverside County households coming from? • • • • • • • San Bernardino (9,914) Los Angeles (9,442) Orange County (6,970) San Diego (4,682) Clark (728) Total incoming for 2008: 44,893 Total outgoing for 2008: 42,086 Source: NAR Relocation Report 2008 – IRS Data; Item 187-06065

Net Immigration by Ethnic Group Riverside County (1990 Census to 2000 Census) White, Non-Hispanic Hispanic Asian/Pacific Islander Black or Afr. Amer., Non-Hisp. Amer. Indian & Alaska Native, Non-Hisp. 0 20 40 60 80 100 120 140 160 Thousands SOURCE: CA Dept. of Finance

Number of Households by Ethnicity Riverside County (1990 Census vs. 2000 Census) White Hispanic Asian/Pacific Islander 1990 2000 Black 0 SOURCE: U.S. Census Bureau 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000

Top 10 Home Buyer Surnames Riverside County GARCIA MARTINEZ GONZALEZ RODRIGUEZ LOPEZ HERNANDEZ PEREZ SMITH SANCHEZ RAMIREZ 0 50 100 150 200 250 300 Number of Buyers Note: Data is based on 2007 data. SOURCE: DataQuick Information Systems

Population by Age Group Riverside County (2000-2010) Thousands 2000 500 2010 450 400 350 300 250 200 150 100 50 0 0-14 15-24 25-34 35-44 45-54 55-64 65-74 75+ SOURCE: California Department of Finance; CALIFORNIA ASSOCIATION OF REALTORS®

Homeownership Rates Riverside-San Bernardino Metropolitan Area, 2009: 65.9% 79% 66% 53% 40% 26% 13% 0% 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 SOURCE: U.S. Census Bureau

Homeownership Rates by Age Riverside County (2000 Census) 100% 80% 60% 40% 20% 0% 15-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ SOURCE: California Department of Finance; CALIFORNIA ASSOCIATION OF REALTORS®

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