Have not seen a 3000 sqf one for 200K yet in Temecula, but I would think it would not be in the best of conditions etc.. for that price, so far most of the foreclosures are going for around 300K for that size, (I think you will not see a voluntary sale at that price).
I doubt there are any truly Voluntary home sales in Temecula valley at this point anyway (besides new homes that is).
Less than an hour from the best beaches in Socal, little over an hour to downtown SD, or OC,
Just my opinion but I think Temecula is probably the best Housing deal in the U.S.A. at the moment.
That may change if SD follows at which point I will be looking to buy in SD.