The reason everyone is watching Temecula is because (apparently unlike you) we were smart enough to recognize that the trend for decline will work its way in from the outlying areas. Indeed, that’s exactly what has been happening. Temecula is less than a year ahead of Oceanside and Vista right now, and (percentagewise) where Temecula was 12-15 months ago is where San Elijo Ranch and other areas of San Marcos are right about now.
It’s all connected. If ths trend hasn’t gotten to your neighbohood yet, it will soon enough. Time is not on your side. Foreclosures have yet to peak for this wave of the ARM resets and we’re not even done with this wave, let alone the next wave that’s scheduled to come.
If you’re holding a mortgage right now you should probably stop thinking of yourself as the owner of that property; that’s because right now that property owns you.
