What to do? .. hmm RENT.. this is just the beginning of the clean up phase in Temecula. I’ve been here since 1990, and am a former RE agent. My advice, find a nice rental, and enjoy the show. It should be at least 2 years before hitting the bottom IMHO. There are many foreclosure, but the prices haven’t come down. I know of 2 foreclosures that have been sitting on the market for OVER 1 year, with no action. BTW there are many more foreclosures coming by the way people around here are talking. I know of a few people at work who are about to toss in their keys… and the neighbors across the street just tossed in theirs. Inventory is staggeringly high, and money is getting tougher to come by. Popular jobs up here (mainly RE related and construction related) are vanishing. The people that shouldn’t have bought a home are now learning why.
Honestly.. this is just the tip… TIP of the iceberg IMHO.. now I admit, I am a bit more bearish than some, but the TEM/MUR valley is a ticking time bomb… just imagine if gas was going up right now to make matters worse. The fact that gas has dropped since May is the only good news in this valley, as most that make a decent salary have a significant commute… ohh and they like their (Yellow) Hummers too.
