Regarding Temecula, keep in mind implications of it being satellite community w/o mass transit system that’s an alternative to oil-based transportation that Temecula’s economy is wholly dependant upon for workers to reach distant job centers.
This recession has merely brought lower gas prices that are a TEMPORARY respite from the onset of the END of the Oil Age. Within say ten years (or possibly five) increasing gas prices will make gasoline automobiles prohibitively expensive for say 90% of Temecula’s population. They will not be able to afford to drive to work. Without an alternative cost-effective transportation option, Temecula will complete its transition to becoming (literally!) a ghost town
Temecula real estate will first face a second-stage equally-severe drop in property values (from present) unless a large-scale mass-transit system (Ex.: high-speed rail line) is in operation for Temecula to job centers within say a five-year time frame.
I think additional government market intervention within the next six months will create false rally in home prices. I recommend you sell any Temecula property during this period if you are at least break-even; if not break-even, then I would stop paying my mortgage and live rent free for as long as possible before getting kicked out..then switch to renting.
