No surprise about the sales office for Temecula homes — prices there are starting to be sensible again. Of course how many of those packing the sales office will qualify for loans now?
I was in Nordstrom’s (Horton Plaza) last week and it was noticeably emptier than in years past. My guess is that the bottom end and lower middle class are cutting back on expenses and that the upper middle classes are still shopping till they drop at Fashion Valley. Until the $180K/yr “Assistant Vice President in Charge of Lunchtime Meetings and Power Point Presentations” crowd start losing their jobs things probably won’t change too much in the nice neighborhoods.
I am seeing the occassional good deal pop up on the MLS in a nice area. Often they are fixers or flips gone bad.