“You may have read posts by SD Realtor and sdrealtor. They have responded to numerous questions about why certain areas are falling less than others. Bugs fills in with his appraisal insights. The fact that is pointed out is that it’s all about area. Temecula is just a more desirable area than others here in So. Riverside County so it will fall less than the outlying areas and recover more quickly.”
This isn’t true. Only a small percentage of the population that bought these over-priced homes, McMansions and smaller ones, can afford them. They got into them because of these dubious arm and negative amortization laons and now or very shortly,as the market continues to crash, will be upside down. They will be walking away from them and turning in keys. This will further drive the prices crashing down–even in Temecula.
As stated above, TemekuT, you are one of few who can afford a home if you bought in this inflated market-or took out a second loan you couldn’t afford.
Temecula is OK. Nothing more. The schools are good, but so are a lot of other areas. It’s not coastal area, there is NOTHING to support 400K to 600k prices of single homes. In another year or two, I will pick up a nice, spacious home in the high 100’s, low 200’s. Not a penny more. If you bought at the peak of this bubble and put 60K down, you will have wasted all that money.
