Good observation, we shall see what impact the increased inventory has on prices. I haven’t seen anything come online in my neck of the woods but I’ll keep an eye open.

I do disagree about your classification about the market, at least in Temecula. We’ve seen steady market activity even through the moratoriums and even when rates were in the high 6 range. Will we see double digit interest rates? Maybe, but not anytime soon…(http://www.theglobeandmail.com/servlet/story/LAC.20090429.RFED29ART1941/TPStory/Business)

You say “once the deals end” but as it stands now (and has been for many years before the bubble), Temecula is always a deal. Housing costs in line with median incomes, cheaper than renting. Those are indicators of a normal market. In normal times Temecula is always a “deal” because of the location factor. Will that change? Sure, as we approach build-out and once there is business growth locally then I fully expect prices to rise modestly. But that won’t happen for a *long* while…