Temecula housing market becoming illiquid?

[FormerOwner]

I’ve been watching sellers reduce their prices lower and lower and the houses still are not selling. Here’s an example. This model went for anywhere from 540K – 560K in 2005 and 2006. It’s in the Valdemosa tract in Temecula. Here’s a short sale for 420K WITH UPGRADES! This is 20% – 25% less than this model would have sold for just a few months ago and it’s STILL SITTING ON THE MARKET! No buyers.

xx272 Seraphina RD, TEMECULA, 92591
Price: 420,000
Bedrooms: 3
Bathrooms: 3.00
House size 2,676 sq. feet
Year of construction 2005

http://www.immobel.com/personal/1/searchResults.do?per=mrmls&la=EN&shcu=&cust%28mtype%29=res&xml=1&minprice=350000&maxprice=430000&cu=USD&minsurface=2500&maxsurface=2800&minbedroom=&cust%28garage%29=&minbathroom=&minlsurface=&maxlsurface=&cust%28city%29=&cust1%28d%29=&cust%28zipcode%29=92591&cust%28year-built%29=&cust%28type%29=&rpp=5&B1=Search

[PerryChase]

That’s another agent taking it in the shorts. Weren’t they supposed to be the expert on the market?

That house is a nice, good sized, one story house. It would easily sell in San Diego.

[PerryChase]

That’s another agent taking it in the shorts. Weren’t they supposed to be the expert on the market?

That house is a nice, good sized, one story house. It would easily sell in San Diego.

[mydogsarelazy]

I was just at the Temecula Mall an hour ago.

There was a protest going on in front, with a huge banner “Largest Mortgage Scam Ever.” Lots of people, and another sign I saw was something like “Hold the Broker responsible.”

That says something about how Temecula/Murrieta real estate market is going right now.

JS

[mydogsarelazy]

I was just at the Temecula Mall an hour ago.

There was a protest going on in front, with a huge banner “Largest Mortgage Scam Ever.” Lots of people, and another sign I saw was something like “Hold the Broker responsible.”

That says something about how Temecula/Murrieta real estate market is going right now.

JS

[FormerOwner]

Wow. I wish I could go to the mall right now to check it out – I’ve got some family obligations though. Who in their right mind would buy a house now?

[FormerOwner]

Wow. I wish I could go to the mall right now to check it out – I’ve got some family obligations though. Who in their right mind would buy a house now?

[gn]

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.

[gn]

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.

[mydogsarelazy]

Today’s Press Enterprise has a piece about the rally I saw yesterday:

Temecula Rally

[mydogsarelazy]

Today’s Press Enterprise has a piece about the rally I saw yesterday:

Temecula Rally

[JJsqueeze]

It is heart wrenching to see that a Med. Tech and Nurse cannot afford to buy 8 houses and float a $40K/mo. mortgage. What has America come to?

[JJsqueeze]

It is heart wrenching to see that a Med. Tech and Nurse cannot afford to buy 8 houses and float a $40K/mo. mortgage. What has America come to?

[LookoutBelow]

What a TOTAL crackup !! Hahahaha….the greedy b*stards are getting their comeuppance now !…."its not OUR fault..we were lied to"…..Hahahahahaaa

 

Bring on the crash !!!Lets let this mess get sorted out the right way…. 

[LookoutBelow]

What a TOTAL crackup !! Hahahaha….the greedy b*stards are getting their comeuppance now !…."its not OUR fault..we were lied to"…..Hahahahahaaa

 

Bring on the crash !!!Lets let this mess get sorted out the right way…. 

[Author]

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