I don’t know well enough about Chula Vista but have a few suggestions:
1. Hold out for as long as you can because housing price will only get lower within the foreseeable future, especially for Chula Vista.
2. Be prepared that whatever you buy, the value will most likely drop even lower within the foreseeable future. This is not the scare you away, but you must be ready to accept. If you’re buying for the long term, it should be OK. If you intend only to occupy for 5 years or less, than might as well rent.
3. Be sure to get a realtor that’s good at foreclosed properties.
4. Foreclosed properties all need certain level of work done, to bring them to livable condition again. You should find a trustworthy contractor before committing to buy any property.
5. If possible, avoid foreclosed and go for short-sale properties. Usually these are in much better shape and some are in excellent condition, as current owner needs to keep it that way to attract buyers.
6. Don’t think about rental investment right now. There are already too many. And unless you’re buying with substantial amount of cash, rental income will probably not be able to support your mortgage payment, after HOA, Mello Roos and suggested 10% withholding for fixes.
7. Use the following weblink as a reference for local housing market:
