I agree 100%. I personally know a number of people living in their houses in Temecula/Murrieta/French Valley without paying either mortgage or property taxes. There is a ton of “hidden inventory” in the Temecula Valley housing market.
The recent bear market rally in housing up here is mostly due to investors buying houses to rent out. How will the renters pay the rent long term? There are no jobs here to speak of. Traffic to get to a decent paying professional job is horiffic. If gas prices shoot back up and stay high that will solve the traffic issue because no one will live in the area. Either way, the market has no where to go but down – both prices and rents. That’s why I am a renter and have no plans to buy. There is absolutely nothing holding up this housing market long term!
