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In reply it is like the stock market... that comment was made just about a year ago and it has been black monday every since. What we have seen is a correction is this stock market of homes. Values are finally realistic. Too many did use their homes as ATM machines and it shows. Temecula was once a REFI BOOM TOWN and now that the humbling experience is done, we are all back to business as usual. As people continue to lose their homes, not just in temecula we are seeing banks wanting to work with them in the short sale of their homes.
I think banks are finally starting to realize that it cost more to foreclose then it does to allow a short sale. Realtors - set yourselves up for learning how to do short sales.
Uh I'm not sure about long term investments providing dividends. If you put your money in the market 19 years ago you'd be down today! You should be worried my friend, Temecula probably has a long way to fall. Prices were way inflated and the money was sucked out and spent. Same story all over the place. If you can afford your mortgage you can survive but if your struggling to pay it or just can't pay it get realistic now. Stop paying your mortgage, live for free while you can and save your money so you can survive. Prices won't be going up for a LONG time so you'd better face a reality check now before its to late.
There is NO mortgage help. Better to not waste your time believing there is.
Temecula has many positive things to offer. It is family oriented, has good schools, and is a clean and safe place to live. The housing market will eventually "bottom out" and things will stabilize again. Prices were too high and are now becoming more realistic. It is a good time for buyers.....GREAT time, in fact.
Kathy
Temecula, Ca.
Novatopro - great idea - you paid too much for your house, so just take it out on the bank (that loaned you money when you asked for it - their bad) and live "free" for as long as you can. News flash - it ain't free - SOMEBODY has to pick up the tab. Anyone over about 48 knew these prices were absurd and wouldn't last (having lived through the Jimmy Carter years), anyone under couldn't be convinced because they'd never seen house do anything but appreciate. They finally got to a realistic value REAL people can actually afford. My son is 25, a Staff Sgt., USMC, just bought a 4 / 3 1850 SF in Temec - nice neighborhood, move-in ready, for $210. Talk about a nice first home. Wells loaned $359 on it 20 months ago. Now that we're back to a realistic value, current buyers can expect 5 to 8% appreciation per year going forward, which is all you should count on. Unless the guy currently renting that big, white house back east has his way, in which case the gov't will own everything, including the banks.
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How low will Temecula Go?
GatewayREOProperties
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