Temecula/Murrieta isn’t close to bottoming, there are tons of homes in the foreclosure process, many loans still to reset higher, and the job losses have just started.

You aren’t gonna get a 2 year correction to the largest and longest RE bubble in history. This place is ground zero for irresponsible lending. Go ahead and buy, but prepare for larger losses ahead. Kewp is right. If you want to invest, then wait until there is a CLEAR bottom. If you want to live then come on over and buy.
BTW both sellers and landlords have a lot of competition up here. There are plenty of vacant rentals, so don’t expect top dollar for your income.