I am not nearly as bearish as most people in here, but I still feel you should wait. IE will get hit harder than coastal areas, nicer areas historically have always held value better than the lessor areas. That drive is going to be very difficult and a quality of life issue. Wait until the end of 07, if we have not seen a steeper drop begin by then, I don't think one will happen. This year will tell us alot. If the insiders can keep this thing afloat during this first year of resets, I think we will be able to conclude that a major drop is not going to happen. If they can't, all bets are off.
I don't see how the insiders keeping this thing afloat has anything to do with the inevitable. Insiders can only postpone the inevitable, with the help of the fed reserve, the drive by media, and most importantly the debt loving, herd of sheep, brainless Americans themselves. BTW, the longer this is postponed, the worse it will be. CA real estate IS NOT worth these current prices. Not even close. We have covered the fundamentals, the historical prices, incomes vs. home prices, rents vs home prices, all of this over and over again on this board. The only thing that can keep prices up is a huge increase in wages/incomes and a reduction of inventory. Neither is going to happen anytime soon. Especially in Temecula, one of the most "bubblicious" areas in the country.
