I can buy that same home in Fort Collins, CO and my mortgage payment would be the same as the mello roos, property taxes and HOA in Temecula, not including the mortgage! I don’t quite understand all the talk about now being a great time to buy either. A friend in the new home business told me that last week, as did a relative. Once the first news reports came out about falling prices they must have immediately thought “prices are going down, now is the time to buy”.
It is possible that we are all wrong and everything could turn around next Spring. But who on earth would buy now at a time when news reports can’t even keep up with price reductions, the selling season is over and the market is in a virtual freefall! At least wait until next February or March and see what the market looks like before the beginning of the next selling season. Really, what are the chances that everything is suddenly going to take off again next Spring when nobody can afford to buy, the economy is softening and the psychology of the market is dead.
