We live in a 2 year old home in Murrieta in a very nice area with excellent schools. Across the street from us is a beautiful house, over 3,000 sq ft which has been renter occupied since new. The renters are very meticulous and it is in excellent shape. The owner/speculators put it up for sale just at just under $600k close to a year ago, and it has not sold. Currently they are asking $485k and I know that they offered it to the renters for $450k.
That gives you a picture of how much one house has come down.
By the way, drop me an e-mail if you would like the address.
