We live on a cul-de-sac in a new development in Murrieta. We put a deposit on our house in 2003, moved in to the house in 2004, and have lived here since.
Here is my “report.” Basically, our neighborhood was hit hard and early by the popping of the real estate bubble. On our street 3/4 of the homes have turned over in some fashion — going through foreclosure, short sales etc — since 2006. The homes, which originally sold in the high $300k to mid $400k range are now worth about 2/3 of what they sold for new.
The interesting part is that the neighborhood seems quite stable. It is largely owned by people who bought the second time around and who can afford their payments. Nearly all the lawns are green and that certainly wasn’t the case last year. Very few homes are for sale.
I have been told that in the past few months homes in Temecula and Murrieta, especially those around $250k have sold very well, with multiple bids in most sales.
Sure, there may be a few more homes that will appear on the market, but the worst is over here. Families like this area and can afford it. Now what we have to deal with is the fact that the schools are strapped and will be cutting back dramatically. Still, there are many reasons for families to like this area, and those who don’t have ruined credit can afford it.
