Riverside County in Southern California was hit hard during the housing bust. Today, a 1,400-home development is testing the area’s recovery.
The Los Angeles Times reports that developer IStar Financial’s project is one of the largest of its kind in 20 years. Economists say that if the project goes well, it could push more builders to break ground along this inland stretch near the 215 Freeway. Though the county’s unemployment rate – at 9.2 percent in July – is still higher than Orange County’s 5.7 percent and Los Angeles County’s 8.1 percent, the county isn’t awash in foreclosures anymore.
