While I agree that Temecula is going to be hit hard, in this specific case, it’s different.
According to the description, it’s a short sale. In a short sale, the asking price is often meaningless. That is, it’s the lender who decides whether to accept the offer. Often time, the seller intentionally set a low asking price hoping to generate a bidding war.
The fact that the house is still on the MLS could mean:
1. There were offer(s), but not accepted by the lender. Or,
2. There were no offer.
