Just a Murrieta/Temecula resident having to say something about the “Try 60, 70, 80% in these areas” comment.
I am on this board because I agree that there is a bubble and that real estate values are heading for a big correction. Still, I think 60-80% is something that we would only see in a very extreme situation related to — you name it — a true depression, national catastrophe, nuclear calamity.
Living where I do I see just how many people are waiting to be homeowners and to raise their families. There are great public schools here, and more and more things to do. As the bubble deflates there will be plenty of people holding their breath and going through escrow. We also have dirt, meaning that there is more development to come, and new homes are an attraction for many.
Put me down as a “Murrieta/Temecula is going to decline 30%” Piggingtonian moderate.
