I drove through an area of Murrieta yesterday afternoon…just a random drive while visiting a friend there. Here is what we saw in span of one two streets. Six to 8 for sale signs and one very nice corner lot home with a huge foreclosure notice in the window and sign indicating it would be up for auction soon. The street that our friend lives on had at least 3. In fact, they were on either side of our friends’ house…nice.
The thing is, these homes were new, and very, very nice looking at least from the outside. Even I have to admit that it is tempting. However, I don’t believe the downside is fully in because the credit mess has not played yet…not even close in fact. The lending standards are still looser than I think will get over the next couple of years. It is tempting though.
