I rent a 2400 sf home on five acres in Temecula for 1800 a month. It would sell now for maybe 6-700k. Out in Wine country near lake skinner. So I rent for less than 1/2 of owning. I say wait for another 20% drop. How long? Depends on how desperate people like your landlord get. I have just started to see the drop in pices. Check zipreality.com and search for the lowered listings and you will see what I mean. People who were asking 500k 6 months ago now asking 400k and still no sales. Shows you how insain it was and how much it has to drop. I like Temecula and I really like the countryside east of Temecula. I plan on buying in the next 2-3 years. Till then I am a happy renter…
