We have lived in Murrieta for about three years in a development that went up between 2003 and 2004.
On our street — a cul de sac — there have been three repos, and two have them re-sold and are now occupied.
My only complaint is that I find Murrieta/Temecula a bit dull, but keep in mind I grew up on the west side of LA.
The schools are great, there are plenty of restaurants in nearby Temecula, and you can get a newer house with all the features you want for a great price right now.