What happen to the home values in Temecula from the 4th quarter of November 2011 to the first quarter of 2012?

Asked by Lance, Temecula, CA Tue Apr 3, 2012

I would have expected to see this value drop since 2008. Am I reading this chart incorrectly?

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Team Forss R…, Agent, Temecula, CA
Fri May 4, 2012
I cannot find the chart you're referring to but the values have obviously dropped since 2008. Greg is correct that all homes are not included and if you want a truly accurate figure you have to check county recordings. If you need a report, we can send over based on neighborhood, type of property etc. Right now though, the market is HOT here in Temecula as the banks are artificially controlling the market by not releasing the shadow inventory. Being an investor myself you have to be careful about your exit strategy should the foreclosures be coming on the market in a greater amount. One exit strategy is to turn in into a rental should the market decline. Long term appreciation should be good though. If they were to release ALL the foreclosures on the market, the supply would increase significantly and prices would drop dramatically, and that would result in more foreclosures. Not entirely sure how this would be solved. There are some discussions about reducing the principal for home owners that are in trouble but how would the owners that are current on their payment then react. Some of them would then stop paying their mortgage payment in hopes that their loan amount would be adjusted. It will be interesting to see if there's a change after the election later this year. We offer a website that show homes listed per category whether or not they are short sale, bank owned (REO), or equity sale (standard sale) per each neighborhood in Temecula.
Web Reference:  http://www.come2temecula.com
2 votes
Greg Herman, Mortgage Broker Or Lender, Oakland, CA
Mon Apr 9, 2012
We get figures directly from the county recorder giving us accurate numbers reflecting sales and prices in the area.
0 votes
Gregory Cook, Mortgage Broker Or Lender, Temecula, CA
Tue Apr 3, 2012
Lance, if you look at all sales (not just MLS) values were remarkably flat. If you're looking at Trulia's numbers they should be taken with a grain of salt.
Trulia relies on data from real estate brokers and doesn't take into account builder and non-mls sales.

Our numbers are based on a weighted average of all sales (non-foreclosure) from actual county recordings.
0 votes
Greg Herman, Mortgage Broker Or Lender, Oakland, CA
Tue Apr 3, 2012
Average sales prices for the month of September was $258,184, October was $256,312, November $259,053, December was $269,671, January was $267,163, and February was $266,230. The average sales price for combined cities Canyon Lake, Hemet, Lake Elsinore, Menifee, Murrieta , Perris, San Jacinto, Sun City, Temecula, Wildomar, and Winchester, was $190,246. I hope that helps you.
0 votes
Ryan Smith, Agent, Murrieta, CA
Tue Apr 3, 2012
What are you reading that leads you to believe there is a drop?
0 votes
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