[eclipxe]

[quote=Nor-LA-SD-guy][quote=temeculaguy] There are no more orange groves to mow down, south is indian land/forest, east is county and 5 acre zoned, nothing left in the north of the city.
[/quote]

Temecula is going to need that space if it wants to grow (next to the I15 anyway).

You need space to build industry and the homes for the people to work in them.

I think you guy’s left out that the city (and surrounds) population is still growing very fast and will only grow faster in the future.

This is not 1991 .

But OK we will see.

[/quote]

The corridor along the 15 (Jefferson mainly) is being rezoned and replanned for the next 20 years. We can expect a lot of the crappy vintage 1970/1980 shopping plazas to eventually become higher density office space and one day…housing.

Once you can’t grow out, you grow up. I can’t wait.

[eclipxe]

[quote=Nor-LA-SD-guy][quote=temeculaguy] There are no more orange groves to mow down, south is indian land/forest, east is county and 5 acre zoned, nothing left in the north of the city.
[/quote]

Temecula is going to need that space if it wants to grow (next to the I15 anyway).

You need space to build industry and the homes for the people to work in them.

I think you guy’s left out that the city (and surrounds) population is still growing very fast and will only grow faster in the future.

This is not 1991 .

But OK we will see.

[/quote]

The corridor along the 15 (Jefferson mainly) is being rezoned and replanned for the next 20 years. We can expect a lot of the crappy vintage 1970/1980 shopping plazas to eventually become higher density office space and one day…housing.

Once you can’t grow out, you grow up. I can’t wait.

[eclipxe]

[quote=Nor-LA-SD-guy][quote=temeculaguy] There are no more orange groves to mow down, south is indian land/forest, east is county and 5 acre zoned, nothing left in the north of the city.
[/quote]

Temecula is going to need that space if it wants to grow (next to the I15 anyway).

You need space to build industry and the homes for the people to work in them.

I think you guy’s left out that the city (and surrounds) population is still growing very fast and will only grow faster in the future.

This is not 1991 .

But OK we will see.

[/quote]

The corridor along the 15 (Jefferson mainly) is being rezoned and replanned for the next 20 years. We can expect a lot of the crappy vintage 1970/1980 shopping plazas to eventually become higher density office space and one day…housing.

Once you can’t grow out, you grow up. I can’t wait.

[eclipxe]

[quote=Nor-LA-SD-guy][quote=temeculaguy] There are no more orange groves to mow down, south is indian land/forest, east is county and 5 acre zoned, nothing left in the north of the city.
[/quote]

Temecula is going to need that space if it wants to grow (next to the I15 anyway).

You need space to build industry and the homes for the people to work in them.

I think you guy’s left out that the city (and surrounds) population is still growing very fast and will only grow faster in the future.

This is not 1991 .

But OK we will see.

[/quote]

The corridor along the 15 (Jefferson mainly) is being rezoned and replanned for the next 20 years. We can expect a lot of the crappy vintage 1970/1980 shopping plazas to eventually become higher density office space and one day…housing.

Once you can’t grow out, you grow up. I can’t wait.

[eclipxe]

[quote=Nor-LA-SD-guy][quote=temeculaguy] There are no more orange groves to mow down, south is indian land/forest, east is county and 5 acre zoned, nothing left in the north of the city.
[/quote]

Temecula is going to need that space if it wants to grow (next to the I15 anyway).

You need space to build industry and the homes for the people to work in them.

I think you guy’s left out that the city (and surrounds) population is still growing very fast and will only grow faster in the future.

This is not 1991 .

But OK we will see.

[/quote]

The corridor along the 15 (Jefferson mainly) is being rezoned and replanned for the next 20 years. We can expect a lot of the crappy vintage 1970/1980 shopping plazas to eventually become higher density office space and one day…housing.

Once you can’t grow out, you grow up. I can’t wait.

[eclipxe]

[quote=DWCAP]ok TG, a question.

Assume for the moment that I agree with you that you are within +/-5% of the bottom that will be seen in this downturn. As in your $250/k house will not go below 238k, in more than just one freaky, run down, cracked slab, PoS, foreclosure sale. I can see that happening at 4-5% interest rates. It doesnt take too much money to afford a hosue that is 250k at 5%.

What I wanna know is how long you think TV will STAY at the bottom. Is TV gonna be V shaped, or L shaped? I ask, because bottom calling A) riles people up, B) Implies, if for no other reason that the implict association with relator groups who have been bottom calling for years now, that it is a buy now or loose situtation, C) both you and Bob could be right if foreclosures keep feeding demand for the next year or so and no price appreciation is seen.

And let me state for the record that I dont really care either way. I am not even looking to buy right now, I havnt been to SDL in months, and have never really even been to TV and have no intention/plan of ever living there. I am sure it is nice and all, maybe some day I will live there. I just dont see it happening right now, so my interst is PURE curiousty. So, Could someone buy in December at the bottom too? [/quote]

I know you asked for TG’s opinion but I’ll give mine since I chimed in with his bottom call earlier. I think without a doubt we are looking at a big fat, long and juicy L. We are at or near the bottom (+/-5%) but there are definitely no indicators that there will be *any* sort of appreciation in the next few years. When interest rates start to rise and inflation sets in, we hopefully will see some wage inflation and home values rise in accordance.

Either that or coastal prices stay stable due to more government influence and those waiting for 50% off in the “good” areas get fed up and move to TV after renting for 15 years…That sure might impact prices out here a bit.

We also need to look at population growth – despite the economic conditions there are still growth factors in play out here. With both Murrieta and Temecula pretty much built out, once the existing home inventory is filled (which will admitting take take…7-10 years?) you will start to see further growth in our fringe market and a greater demand in the core city (Temecula). This is assuming employment remains stable, schools stay strong and crime doesn’t increase (compared to neighboring value-priced options, i.e. Menifee, Wildomar, French Valley, Lake Elsinore).

Another factor is business development and growth. Both Temecula and Murrieta built out *a lot* of high quality, Class-A office space during the boom that is now dead cheap. As businesses in LA, OC and SD look to cut costs in the *new economy* you have to start looking at value priced office locations. When you have an area with affordable homes and cheap, high quality office space you create a very attractive relocation option. Now I’m purely speculating and being a cheerleader now but I think it is conceivable that we’ll see an increase in local business growth over the next 5-10 years with at least a few major firms setting up operations out here. We’ve had cheap housing before but didn’t have the infrastructure to facilitate high-wage white collar job growth. We have both now, so time will tell.

So my feelings – nice bumpy and long bottom. 5+ years. Wage inflation + population growth over the next decade (7-15 years) and we might start to see additional growth. Throw in a few business relocations or expansions and we might see larger gains.

[eclipxe]

[quote=DWCAP]ok TG, a question.

Assume for the moment that I agree with you that you are within +/-5% of the bottom that will be seen in this downturn. As in your $250/k house will not go below 238k, in more than just one freaky, run down, cracked slab, PoS, foreclosure sale. I can see that happening at 4-5% interest rates. It doesnt take too much money to afford a hosue that is 250k at 5%.

What I wanna know is how long you think TV will STAY at the bottom. Is TV gonna be V shaped, or L shaped? I ask, because bottom calling A) riles people up, B) Implies, if for no other reason that the implict association with relator groups who have been bottom calling for years now, that it is a buy now or loose situtation, C) both you and Bob could be right if foreclosures keep feeding demand for the next year or so and no price appreciation is seen.

And let me state for the record that I dont really care either way. I am not even looking to buy right now, I havnt been to SDL in months, and have never really even been to TV and have no intention/plan of ever living there. I am sure it is nice and all, maybe some day I will live there. I just dont see it happening right now, so my interst is PURE curiousty. So, Could someone buy in December at the bottom too? [/quote]

I know you asked for TG’s opinion but I’ll give mine since I chimed in with his bottom call earlier. I think without a doubt we are looking at a big fat, long and juicy L. We are at or near the bottom (+/-5%) but there are definitely no indicators that there will be *any* sort of appreciation in the next few years. When interest rates start to rise and inflation sets in, we hopefully will see some wage inflation and home values rise in accordance.

Either that or coastal prices stay stable due to more government influence and those waiting for 50% off in the “good” areas get fed up and move to TV after renting for 15 years…That sure might impact prices out here a bit.

We also need to look at population growth – despite the economic conditions there are still growth factors in play out here. With both Murrieta and Temecula pretty much built out, once the existing home inventory is filled (which will admitting take take…7-10 years?) you will start to see further growth in our fringe market and a greater demand in the core city (Temecula). This is assuming employment remains stable, schools stay strong and crime doesn’t increase (compared to neighboring value-priced options, i.e. Menifee, Wildomar, French Valley, Lake Elsinore).

Another factor is business development and growth. Both Temecula and Murrieta built out *a lot* of high quality, Class-A office space during the boom that is now dead cheap. As businesses in LA, OC and SD look to cut costs in the *new economy* you have to start looking at value priced office locations. When you have an area with affordable homes and cheap, high quality office space you create a very attractive relocation option. Now I’m purely speculating and being a cheerleader now but I think it is conceivable that we’ll see an increase in local business growth over the next 5-10 years with at least a few major firms setting up operations out here. We’ve had cheap housing before but didn’t have the infrastructure to facilitate high-wage white collar job growth. We have both now, so time will tell.

So my feelings – nice bumpy and long bottom. 5+ years. Wage inflation + population growth over the next decade (7-15 years) and we might start to see additional growth. Throw in a few business relocations or expansions and we might see larger gains.

[eclipxe]

[quote=DWCAP]ok TG, a question.

Assume for the moment that I agree with you that you are within +/-5% of the bottom that will be seen in this downturn. As in your $250/k house will not go below 238k, in more than just one freaky, run down, cracked slab, PoS, foreclosure sale. I can see that happening at 4-5% interest rates. It doesnt take too much money to afford a hosue that is 250k at 5%.

What I wanna know is how long you think TV will STAY at the bottom. Is TV gonna be V shaped, or L shaped? I ask, because bottom calling A) riles people up, B) Implies, if for no other reason that the implict association with relator groups who have been bottom calling for years now, that it is a buy now or loose situtation, C) both you and Bob could be right if foreclosures keep feeding demand for the next year or so and no price appreciation is seen.

And let me state for the record that I dont really care either way. I am not even looking to buy right now, I havnt been to SDL in months, and have never really even been to TV and have no intention/plan of ever living there. I am sure it is nice and all, maybe some day I will live there. I just dont see it happening right now, so my interst is PURE curiousty. So, Could someone buy in December at the bottom too? [/quote]

I know you asked for TG’s opinion but I’ll give mine since I chimed in with his bottom call earlier. I think without a doubt we are looking at a big fat, long and juicy L. We are at or near the bottom (+/-5%) but there are definitely no indicators that there will be *any* sort of appreciation in the next few years. When interest rates start to rise and inflation sets in, we hopefully will see some wage inflation and home values rise in accordance.

Either that or coastal prices stay stable due to more government influence and those waiting for 50% off in the “good” areas get fed up and move to TV after renting for 15 years…That sure might impact prices out here a bit.

We also need to look at population growth – despite the economic conditions there are still growth factors in play out here. With both Murrieta and Temecula pretty much built out, once the existing home inventory is filled (which will admitting take take…7-10 years?) you will start to see further growth in our fringe market and a greater demand in the core city (Temecula). This is assuming employment remains stable, schools stay strong and crime doesn’t increase (compared to neighboring value-priced options, i.e. Menifee, Wildomar, French Valley, Lake Elsinore).

Another factor is business development and growth. Both Temecula and Murrieta built out *a lot* of high quality, Class-A office space during the boom that is now dead cheap. As businesses in LA, OC and SD look to cut costs in the *new economy* you have to start looking at value priced office locations. When you have an area with affordable homes and cheap, high quality office space you create a very attractive relocation option. Now I’m purely speculating and being a cheerleader now but I think it is conceivable that we’ll see an increase in local business growth over the next 5-10 years with at least a few major firms setting up operations out here. We’ve had cheap housing before but didn’t have the infrastructure to facilitate high-wage white collar job growth. We have both now, so time will tell.

So my feelings – nice bumpy and long bottom. 5+ years. Wage inflation + population growth over the next decade (7-15 years) and we might start to see additional growth. Throw in a few business relocations or expansions and we might see larger gains.

[eclipxe]

[quote=DWCAP]ok TG, a question.

Assume for the moment that I agree with you that you are within +/-5% of the bottom that will be seen in this downturn. As in your $250/k house will not go below 238k, in more than just one freaky, run down, cracked slab, PoS, foreclosure sale. I can see that happening at 4-5% interest rates. It doesnt take too much money to afford a hosue that is 250k at 5%.

What I wanna know is how long you think TV will STAY at the bottom. Is TV gonna be V shaped, or L shaped? I ask, because bottom calling A) riles people up, B) Implies, if for no other reason that the implict association with relator groups who have been bottom calling for years now, that it is a buy now or loose situtation, C) both you and Bob could be right if foreclosures keep feeding demand for the next year or so and no price appreciation is seen.

And let me state for the record that I dont really care either way. I am not even looking to buy right now, I havnt been to SDL in months, and have never really even been to TV and have no intention/plan of ever living there. I am sure it is nice and all, maybe some day I will live there. I just dont see it happening right now, so my interst is PURE curiousty. So, Could someone buy in December at the bottom too? [/quote]

I know you asked for TG’s opinion but I’ll give mine since I chimed in with his bottom call earlier. I think without a doubt we are looking at a big fat, long and juicy L. We are at or near the bottom (+/-5%) but there are definitely no indicators that there will be *any* sort of appreciation in the next few years. When interest rates start to rise and inflation sets in, we hopefully will see some wage inflation and home values rise in accordance.

Either that or coastal prices stay stable due to more government influence and those waiting for 50% off in the “good” areas get fed up and move to TV after renting for 15 years…That sure might impact prices out here a bit.

We also need to look at population growth – despite the economic conditions there are still growth factors in play out here. With both Murrieta and Temecula pretty much built out, once the existing home inventory is filled (which will admitting take take…7-10 years?) you will start to see further growth in our fringe market and a greater demand in the core city (Temecula). This is assuming employment remains stable, schools stay strong and crime doesn’t increase (compared to neighboring value-priced options, i.e. Menifee, Wildomar, French Valley, Lake Elsinore).

Another factor is business development and growth. Both Temecula and Murrieta built out *a lot* of high quality, Class-A office space during the boom that is now dead cheap. As businesses in LA, OC and SD look to cut costs in the *new economy* you have to start looking at value priced office locations. When you have an area with affordable homes and cheap, high quality office space you create a very attractive relocation option. Now I’m purely speculating and being a cheerleader now but I think it is conceivable that we’ll see an increase in local business growth over the next 5-10 years with at least a few major firms setting up operations out here. We’ve had cheap housing before but didn’t have the infrastructure to facilitate high-wage white collar job growth. We have both now, so time will tell.

So my feelings – nice bumpy and long bottom. 5+ years. Wage inflation + population growth over the next decade (7-15 years) and we might start to see additional growth. Throw in a few business relocations or expansions and we might see larger gains.

[eclipxe]

[quote=DWCAP]ok TG, a question.

Assume for the moment that I agree with you that you are within +/-5% of the bottom that will be seen in this downturn. As in your $250/k house will not go below 238k, in more than just one freaky, run down, cracked slab, PoS, foreclosure sale. I can see that happening at 4-5% interest rates. It doesnt take too much money to afford a hosue that is 250k at 5%.

What I wanna know is how long you think TV will STAY at the bottom. Is TV gonna be V shaped, or L shaped? I ask, because bottom calling A) riles people up, B) Implies, if for no other reason that the implict association with relator groups who have been bottom calling for years now, that it is a buy now or loose situtation, C) both you and Bob could be right if foreclosures keep feeding demand for the next year or so and no price appreciation is seen.

And let me state for the record that I dont really care either way. I am not even looking to buy right now, I havnt been to SDL in months, and have never really even been to TV and have no intention/plan of ever living there. I am sure it is nice and all, maybe some day I will live there. I just dont see it happening right now, so my interst is PURE curiousty. So, Could someone buy in December at the bottom too? [/quote]

I know you asked for TG’s opinion but I’ll give mine since I chimed in with his bottom call earlier. I think without a doubt we are looking at a big fat, long and juicy L. We are at or near the bottom (+/-5%) but there are definitely no indicators that there will be *any* sort of appreciation in the next few years. When interest rates start to rise and inflation sets in, we hopefully will see some wage inflation and home values rise in accordance.

Either that or coastal prices stay stable due to more government influence and those waiting for 50% off in the “good” areas get fed up and move to TV after renting for 15 years…That sure might impact prices out here a bit.

We also need to look at population growth – despite the economic conditions there are still growth factors in play out here. With both Murrieta and Temecula pretty much built out, once the existing home inventory is filled (which will admitting take take…7-10 years?) you will start to see further growth in our fringe market and a greater demand in the core city (Temecula). This is assuming employment remains stable, schools stay strong and crime doesn’t increase (compared to neighboring value-priced options, i.e. Menifee, Wildomar, French Valley, Lake Elsinore).

Another factor is business development and growth. Both Temecula and Murrieta built out *a lot* of high quality, Class-A office space during the boom that is now dead cheap. As businesses in LA, OC and SD look to cut costs in the *new economy* you have to start looking at value priced office locations. When you have an area with affordable homes and cheap, high quality office space you create a very attractive relocation option. Now I’m purely speculating and being a cheerleader now but I think it is conceivable that we’ll see an increase in local business growth over the next 5-10 years with at least a few major firms setting up operations out here. We’ve had cheap housing before but didn’t have the infrastructure to facilitate high-wage white collar job growth. We have both now, so time will tell.

So my feelings – nice bumpy and long bottom. 5+ years. Wage inflation + population growth over the next decade (7-15 years) and we might start to see additional growth. Throw in a few business relocations or expansions and we might see larger gains.

[eclipxe]

Let the supply increase. Based on the bidding wars and level of activity I’ve seen first hand (as in I spend time in real estate offices seeing pending contracts, closed escrows, multiple offers) I think increased supply (assuming the Govt doesn’t intervene any more (like that is likely)) will have a small effect out here. At a certain price it makes no sense for a bank to release the inventory if they feel they can hold it on their books and wait it out. If there was a large amount of inventory coming online but with no buyers out there then I’d give you argument more weight, but there are enough of us knife catchers to screw up your grand plans of collapse. The fact of the matter is the average family with an average income can afford an average home with a traditional mortgage out here.

You have to remember that us piggs and bears in general are the *very* small minority. The general public (the folks buying these homes) are for the most part not educated in the market or even the the economic forces causing this mess. They’ve watched prices shoot up beyond their means (even in such a horrible place like Temecula) and now they see beautiful homes available for less than they are renting. Job losses or not, when you have house prices that can be supported with a dual income family with retail jobs you have indicators of a stable/bottomed market.

I have a close friend that just opened escrow out here, 2 years out of school, recently married, single income teacher’s salary. Parents supplied 3% downpayment. They’re paying less for a house than their 1bdrm apartment in Menifee. Think about it. Homes more affordable than renting, government intervention, prices in line with income.

You also need to look at the regional picture – Temecula contends with cheaper option north – Menifee, Perris, Wildomar, Lake Elsinore, Moreno Valley, Hemet. If Temecula goes down to 50, 60 psqft for average places are we going to see homes in Menifee for $25/sqft??? Moreno Valley, $10/sqft?

Where do *you* see a bottom in prices?

[eclipxe]

Let the supply increase. Based on the bidding wars and level of activity I’ve seen first hand (as in I spend time in real estate offices seeing pending contracts, closed escrows, multiple offers) I think increased supply (assuming the Govt doesn’t intervene any more (like that is likely)) will have a small effect out here. At a certain price it makes no sense for a bank to release the inventory if they feel they can hold it on their books and wait it out. If there was a large amount of inventory coming online but with no buyers out there then I’d give you argument more weight, but there are enough of us knife catchers to screw up your grand plans of collapse. The fact of the matter is the average family with an average income can afford an average home with a traditional mortgage out here.

You have to remember that us piggs and bears in general are the *very* small minority. The general public (the folks buying these homes) are for the most part not educated in the market or even the the economic forces causing this mess. They’ve watched prices shoot up beyond their means (even in such a horrible place like Temecula) and now they see beautiful homes available for less than they are renting. Job losses or not, when you have house prices that can be supported with a dual income family with retail jobs you have indicators of a stable/bottomed market.

I have a close friend that just opened escrow out here, 2 years out of school, recently married, single income teacher’s salary. Parents supplied 3% downpayment. They’re paying less for a house than their 1bdrm apartment in Menifee. Think about it. Homes more affordable than renting, government intervention, prices in line with income.

You also need to look at the regional picture – Temecula contends with cheaper option north – Menifee, Perris, Wildomar, Lake Elsinore, Moreno Valley, Hemet. If Temecula goes down to 50, 60 psqft for average places are we going to see homes in Menifee for $25/sqft??? Moreno Valley, $10/sqft?

Where do *you* see a bottom in prices?

[eclipxe]

Let the supply increase. Based on the bidding wars and level of activity I’ve seen first hand (as in I spend time in real estate offices seeing pending contracts, closed escrows, multiple offers) I think increased supply (assuming the Govt doesn’t intervene any more (like that is likely)) will have a small effect out here. At a certain price it makes no sense for a bank to release the inventory if they feel they can hold it on their books and wait it out. If there was a large amount of inventory coming online but with no buyers out there then I’d give you argument more weight, but there are enough of us knife catchers to screw up your grand plans of collapse. The fact of the matter is the average family with an average income can afford an average home with a traditional mortgage out here.

You have to remember that us piggs and bears in general are the *very* small minority. The general public (the folks buying these homes) are for the most part not educated in the market or even the the economic forces causing this mess. They’ve watched prices shoot up beyond their means (even in such a horrible place like Temecula) and now they see beautiful homes available for less than they are renting. Job losses or not, when you have house prices that can be supported with a dual income family with retail jobs you have indicators of a stable/bottomed market.

I have a close friend that just opened escrow out here, 2 years out of school, recently married, single income teacher’s salary. Parents supplied 3% downpayment. They’re paying less for a house than their 1bdrm apartment in Menifee. Think about it. Homes more affordable than renting, government intervention, prices in line with income.

You also need to look at the regional picture – Temecula contends with cheaper option north – Menifee, Perris, Wildomar, Lake Elsinore, Moreno Valley, Hemet. If Temecula goes down to 50, 60 psqft for average places are we going to see homes in Menifee for $25/sqft??? Moreno Valley, $10/sqft?

Where do *you* see a bottom in prices?

[eclipxe]

Let the supply increase. Based on the bidding wars and level of activity I’ve seen first hand (as in I spend time in real estate offices seeing pending contracts, closed escrows, multiple offers) I think increased supply (assuming the Govt doesn’t intervene any more (like that is likely)) will have a small effect out here. At a certain price it makes no sense for a bank to release the inventory if they feel they can hold it on their books and wait it out. If there was a large amount of inventory coming online but with no buyers out there then I’d give you argument more weight, but there are enough of us knife catchers to screw up your grand plans of collapse. The fact of the matter is the average family with an average income can afford an average home with a traditional mortgage out here.

You have to remember that us piggs and bears in general are the *very* small minority. The general public (the folks buying these homes) are for the most part not educated in the market or even the the economic forces causing this mess. They’ve watched prices shoot up beyond their means (even in such a horrible place like Temecula) and now they see beautiful homes available for less than they are renting. Job losses or not, when you have house prices that can be supported with a dual income family with retail jobs you have indicators of a stable/bottomed market.

I have a close friend that just opened escrow out here, 2 years out of school, recently married, single income teacher’s salary. Parents supplied 3% downpayment. They’re paying less for a house than their 1bdrm apartment in Menifee. Think about it. Homes more affordable than renting, government intervention, prices in line with income.

You also need to look at the regional picture – Temecula contends with cheaper option north – Menifee, Perris, Wildomar, Lake Elsinore, Moreno Valley, Hemet. If Temecula goes down to 50, 60 psqft for average places are we going to see homes in Menifee for $25/sqft??? Moreno Valley, $10/sqft?

Where do *you* see a bottom in prices?

[eclipxe]

Let the supply increase. Based on the bidding wars and level of activity I’ve seen first hand (as in I spend time in real estate offices seeing pending contracts, closed escrows, multiple offers) I think increased supply (assuming the Govt doesn’t intervene any more (like that is likely)) will have a small effect out here. At a certain price it makes no sense for a bank to release the inventory if they feel they can hold it on their books and wait it out. If there was a large amount of inventory coming online but with no buyers out there then I’d give you argument more weight, but there are enough of us knife catchers to screw up your grand plans of collapse. The fact of the matter is the average family with an average income can afford an average home with a traditional mortgage out here.

You have to remember that us piggs and bears in general are the *very* small minority. The general public (the folks buying these homes) are for the most part not educated in the market or even the the economic forces causing this mess. They’ve watched prices shoot up beyond their means (even in such a horrible place like Temecula) and now they see beautiful homes available for less than they are renting. Job losses or not, when you have house prices that can be supported with a dual income family with retail jobs you have indicators of a stable/bottomed market.

I have a close friend that just opened escrow out here, 2 years out of school, recently married, single income teacher’s salary. Parents supplied 3% downpayment. They’re paying less for a house than their 1bdrm apartment in Menifee. Think about it. Homes more affordable than renting, government intervention, prices in line with income.

You also need to look at the regional picture – Temecula contends with cheaper option north – Menifee, Perris, Wildomar, Lake Elsinore, Moreno Valley, Hemet. If Temecula goes down to 50, 60 psqft for average places are we going to see homes in Menifee for $25/sqft??? Moreno Valley, $10/sqft?

Where do *you* see a bottom in prices?

[Author]

Posts