Exkab
I can shed some light on La Cresta as its in my neck of the woods and its one of the areas I have been following. The answer to your question is yes there have been some excellent deals lately and the price drops are really picking up. Heres one that it looks like someone really scored a deal on.
http://www.redfin.com/CA/Murrieta/37765-Avenida-La-Cresta-92562/home/6326946
The details-
37765 Avenida La Cresta
Murrieta, CA 92562
5,761 sq ft on 5 acres, pool, 8 car garage
Main house and guest house
Horse barn
Sold 2005 $1,650,000
REO Sept 2008
Listed Dec 3 in the high 700,000’s, pending Dec 5