the market here is southwest riverside are reflective of conditions in many other places nationwide. Paseo Del Sol is by far a beautiful and established community. The flip side to this is that many homes in Paseo Del Sol are circa 1997and purchased in the low $100K. While I think that each seller deserves the most that they can get for their home(s) times like these happen.
As far as Murrieta, it has been around as a city for a long time however, over the past several their has definitely been an influx of buyers (myself included, I live up the road in Menifee). A lot of development in this area occured as the adjustable rate financing started to become more and more popular. I can not say for certain, however, I bet that there is a direct relationship with ARM's going into their adjustable period and foreclosures. Some people are simply walking away. In addition to this some homeowner's refinanced or pulled money out of their homes which in hindsight worked against them.
Eventually this will end. While Southwest Riverside County is taking its' lumps like everyone else construction, development and infrastructure projects are still continuing. Buyers from San Diego,(former Oceansider myself), Orange and other counties are making their way over here and checking this area out.
Market conditions have a lot to do with perspective and many times I think it is from the Seller's perspective. When the market is "booming" homeowners (to include myself) are very happy while buyers are struggling to get into the game. But when the tables turn in favor of Buyer's all of a sudden the terminology turns negative, since it is perceived from a Seller's perspective. Currently, for a homeowner the glass is half empty and for the buyer the glass is half full.
When the stock market crashed in 1929 along with other's the Rockerfeller's started purchasing stocks like crazy, they were able to see the opportunity side of the disaster and in retrospect I don't think they have regretted it since. Like the stock market the housing market comes with highs and lows with the odds being in favor of longevity. For Homeowner's it may be best to just hold on (it possible) for Buyer's who didn't get into a home during the past few years prices this could be their time.
In the end, stay positive and make the best choices possible.
1. CEO of the Bank of America was recently reported as stating his company expects a further price decline of 20% in California
2. PMI Private Mortgage Insurance has identified the Riverside MSA as the area with the greatest risk of future price declines.
3. Median home prices are still over 5 times the median income. Long term average has been 3X.
It is very reasonable to expect movement toward the long run average.
75 years ago our country was in the midst of the Great Depression... now we are in the midst of the Great Correction.
You'll find details on the above comments and much more useful information at http://TheGreatCorrection.com
stop trying to figure things on the Internet
Get a GOOD experienced Real Estate Broker and
they should SAVE You as much or close to it as they make .
Same as a Good Doctor or Attorney (And do it now---Do not let a problem
grow before seeing a Good professional whether it is Heath or Wealth or ? Good Luck , Bob
Same advice I would give my own family .
These bank owned properties must & will sell and they lower their prices every month until they do or else go to auction. Sometimes the auction properties find their way back onto the market because they don't even sell at action. The good news is that the bank owned homes are getting spruced up by the banks, lawns are being watered, pools are being filled, carpets are being cleans, painting is being done etc..,, they are taking action to make it shine as well as price it low....our standard sellers can't compete by price but atleast the banks are taking care of the brown lawns and such so it doesn't make the neighborhood look so bad for the other owners/sellers!
Here is Temecula, just in the last 2 weeks, I have been in 4-5 multiple offer situations. If the bank owned homes are priced well below market, they are flying off the shelves. There was a home in Temecula that had 19 offers in 24 hrs just 1 week ago!!!!!