Its interesting to watch this collapse as it moves from North to South in this area. The northern fringes (Hemet, Menifee, French Valley, Wildomar) have been leading the way. It was just a few months ago that they broke the $100 psf barrier. Now we are starting to see sub $90 http://www.redfin.com/stingray/do/printable-listing?listing-id=1289824 in these areas and the sub $100psf is moving into northeast Murrieta (92563). Murrieta 92562 and the Temecula zips are next up.
We are into 2002 numbers in the outlying areas. If we continue at the current pace of decline we should see 2001 numbers sometime in 2008. That would put Temecula and Murrieta into the $80’s psf range.
