There seems to be an increase in foreclosure listings inTemecula

[Bob]

This is my own observation based off of the numerous listing services I monitor on a daily basis – here is how I see it.

During the first three weeks of April, the number of foreclosures hitting the Temecula market was slow, almost to a trickle. There were many days when I didn’t see a single new foreclosure listing in Temecula. But in the past week or so, I’ve seen a trend in the opposite direction. In fact, a few neighborhoods received clusters of new foreclosure listings this week. What I’ve also seen is list prices continue to be lowball to get people in the door. Whether the increase in foreclosure listings this week is just an anomaly, or a trend, I cannot say. But perhaps we are starting to see the beginnings of the next wave of foreclosures that many have predicted.

On a side note, the current market – not only in Temecula, but all across So California and Las Vegas – is starting to look like a closeout sale at a department store. Remember when Mervyns and Circuit City announced they were liquidating and then had big sales to dump inventory ? Consumers who otherwise wouldn’t have been interested flocked to those stores to find a great bargain. The same thing is now happening in the real estate market. Banks are listing properties at bargain basement prices, lenders are offering bargain basement rates on loans, and as a result, people who otherwise wouldn’t be interested have decided to make offers. Please do NOT confuse the current flurry of activity with a real market, because its not. What we have here are bargain shoppers looking for great deals. Once the deals end, whether through moratoriums or higher interest rates, the flurry of activity will slow to a trickle. When that time comes, the market will then remain flat until the unemployment situation improves.

[eclipxe]

Good observation, we shall see what impact the increased inventory has on prices. I haven’t seen anything come online in my neck of the woods but I’ll keep an eye open.

I do disagree about your classification about the market, at least in Temecula. We’ve seen steady market activity even through the moratoriums and even when rates were in the high 6 range. Will we see double digit interest rates? Maybe, but not anytime soon…(http://www.theglobeandmail.com/servlet/story/LAC.20090429.RFED29ART1941/TPStory/Business)

You say “once the deals end” but as it stands now (and has been for many years before the bubble), Temecula is always a deal. Housing costs in line with median incomes, cheaper than renting. Those are indicators of a normal market. In normal times Temecula is always a “deal” because of the location factor. Will that change? Sure, as we approach build-out and once there is business growth locally then I fully expect prices to rise modestly. But that won’t happen for a *long* while…

[eclipxe]

Good observation, we shall see what impact the increased inventory has on prices. I haven’t seen anything come online in my neck of the woods but I’ll keep an eye open.

I do disagree about your classification about the market, at least in Temecula. We’ve seen steady market activity even through the moratoriums and even when rates were in the high 6 range. Will we see double digit interest rates? Maybe, but not anytime soon…(http://www.theglobeandmail.com/servlet/story/LAC.20090429.RFED29ART1941/TPStory/Business)

You say “once the deals end” but as it stands now (and has been for many years before the bubble), Temecula is always a deal. Housing costs in line with median incomes, cheaper than renting. Those are indicators of a normal market. In normal times Temecula is always a “deal” because of the location factor. Will that change? Sure, as we approach build-out and once there is business growth locally then I fully expect prices to rise modestly. But that won’t happen for a *long* while…

[eclipxe]

Good observation, we shall see what impact the increased inventory has on prices. I haven’t seen anything come online in my neck of the woods but I’ll keep an eye open.

I do disagree about your classification about the market, at least in Temecula. We’ve seen steady market activity even through the moratoriums and even when rates were in the high 6 range. Will we see double digit interest rates? Maybe, but not anytime soon…(http://www.theglobeandmail.com/servlet/story/LAC.20090429.RFED29ART1941/TPStory/Business)

You say “once the deals end” but as it stands now (and has been for many years before the bubble), Temecula is always a deal. Housing costs in line with median incomes, cheaper than renting. Those are indicators of a normal market. In normal times Temecula is always a “deal” because of the location factor. Will that change? Sure, as we approach build-out and once there is business growth locally then I fully expect prices to rise modestly. But that won’t happen for a *long* while…

[eclipxe]

Good observation, we shall see what impact the increased inventory has on prices. I haven’t seen anything come online in my neck of the woods but I’ll keep an eye open.

I do disagree about your classification about the market, at least in Temecula. We’ve seen steady market activity even through the moratoriums and even when rates were in the high 6 range. Will we see double digit interest rates? Maybe, but not anytime soon…(http://www.theglobeandmail.com/servlet/story/LAC.20090429.RFED29ART1941/TPStory/Business)

You say “once the deals end” but as it stands now (and has been for many years before the bubble), Temecula is always a deal. Housing costs in line with median incomes, cheaper than renting. Those are indicators of a normal market. In normal times Temecula is always a “deal” because of the location factor. Will that change? Sure, as we approach build-out and once there is business growth locally then I fully expect prices to rise modestly. But that won’t happen for a *long* while…

[eclipxe]

Good observation, we shall see what impact the increased inventory has on prices. I haven’t seen anything come online in my neck of the woods but I’ll keep an eye open.

I do disagree about your classification about the market, at least in Temecula. We’ve seen steady market activity even through the moratoriums and even when rates were in the high 6 range. Will we see double digit interest rates? Maybe, but not anytime soon…(http://www.theglobeandmail.com/servlet/story/LAC.20090429.RFED29ART1941/TPStory/Business)

You say “once the deals end” but as it stands now (and has been for many years before the bubble), Temecula is always a deal. Housing costs in line with median incomes, cheaper than renting. Those are indicators of a normal market. In normal times Temecula is always a “deal” because of the location factor. Will that change? Sure, as we approach build-out and once there is business growth locally then I fully expect prices to rise modestly. But that won’t happen for a *long* while…

[Ren]

[quote=eclipxe]
You say “once the deals end” but as it stands now (and has been for many years before the bubble), Temecula is always a deal. Housing costs in line with median incomes, cheaper than renting. Those are indicators of a normal market.[/quote]

Ditto. I’m not worried about prices going up in Temecula any time in the next 3-4 years, and when they do, it will be a gradual slope and prices will still be reasonable at the next “peak” (compared to SD).

[Ren]

[quote=eclipxe]
You say “once the deals end” but as it stands now (and has been for many years before the bubble), Temecula is always a deal. Housing costs in line with median incomes, cheaper than renting. Those are indicators of a normal market.[/quote]

Ditto. I’m not worried about prices going up in Temecula any time in the next 3-4 years, and when they do, it will be a gradual slope and prices will still be reasonable at the next “peak” (compared to SD).

[Ren]

[quote=eclipxe]
You say “once the deals end” but as it stands now (and has been for many years before the bubble), Temecula is always a deal. Housing costs in line with median incomes, cheaper than renting. Those are indicators of a normal market.[/quote]

Ditto. I’m not worried about prices going up in Temecula any time in the next 3-4 years, and when they do, it will be a gradual slope and prices will still be reasonable at the next “peak” (compared to SD).

[Ren]

[quote=eclipxe]
You say “once the deals end” but as it stands now (and has been for many years before the bubble), Temecula is always a deal. Housing costs in line with median incomes, cheaper than renting. Those are indicators of a normal market.[/quote]

Ditto. I’m not worried about prices going up in Temecula any time in the next 3-4 years, and when they do, it will be a gradual slope and prices will still be reasonable at the next “peak” (compared to SD).

[Ren]

[quote=eclipxe]
You say “once the deals end” but as it stands now (and has been for many years before the bubble), Temecula is always a deal. Housing costs in line with median incomes, cheaper than renting. Those are indicators of a normal market.[/quote]

Ditto. I’m not worried about prices going up in Temecula any time in the next 3-4 years, and when they do, it will be a gradual slope and prices will still be reasonable at the next “peak” (compared to SD).

[ralphfurley]

[quote=Bob]
On a side note, the current market – not only in Temecula, but all across So California and Las Vegas – is starting to look like a closeout sale at a department store. [/quote]
Not if you read the LA Times. They just had a big spread last weekend on how people are turning out in droves to find a house in a nice neighborhood, then bid it up well over listing. Their real estate section also features homes like one in San Marino (a two bedroom, sub 2000 sq ft., for 1.2 million dollars). Doesn’t look like bargain prices to me. Or anywhere in the LA suburbs.

Course, most the articles I read in the times about real estate seem to be a day late and a dollar short. Maybe the dam will break and foreclosures will come flooding the market.

[ralphfurley]

[quote=Bob]
On a side note, the current market – not only in Temecula, but all across So California and Las Vegas – is starting to look like a closeout sale at a department store. [/quote]
Not if you read the LA Times. They just had a big spread last weekend on how people are turning out in droves to find a house in a nice neighborhood, then bid it up well over listing. Their real estate section also features homes like one in San Marino (a two bedroom, sub 2000 sq ft., for 1.2 million dollars). Doesn’t look like bargain prices to me. Or anywhere in the LA suburbs.

Course, most the articles I read in the times about real estate seem to be a day late and a dollar short. Maybe the dam will break and foreclosures will come flooding the market.

[ralphfurley]

[quote=Bob]
On a side note, the current market – not only in Temecula, but all across So California and Las Vegas – is starting to look like a closeout sale at a department store. [/quote]
Not if you read the LA Times. They just had a big spread last weekend on how people are turning out in droves to find a house in a nice neighborhood, then bid it up well over listing. Their real estate section also features homes like one in San Marino (a two bedroom, sub 2000 sq ft., for 1.2 million dollars). Doesn’t look like bargain prices to me. Or anywhere in the LA suburbs.

Course, most the articles I read in the times about real estate seem to be a day late and a dollar short. Maybe the dam will break and foreclosures will come flooding the market.

[ralphfurley]

[quote=Bob]
On a side note, the current market – not only in Temecula, but all across So California and Las Vegas – is starting to look like a closeout sale at a department store. [/quote]
Not if you read the LA Times. They just had a big spread last weekend on how people are turning out in droves to find a house in a nice neighborhood, then bid it up well over listing. Their real estate section also features homes like one in San Marino (a two bedroom, sub 2000 sq ft., for 1.2 million dollars). Doesn’t look like bargain prices to me. Or anywhere in the LA suburbs.

Course, most the articles I read in the times about real estate seem to be a day late and a dollar short. Maybe the dam will break and foreclosures will come flooding the market.

[Author]

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