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Gene Wunderlich - Realtor®, Government Affairs Director

REO Market Update - La Cresta Estate Homes in SoCal

La Cresta

La Cresta, located in Southwest California, offers a unique estate lifestyle that is difficult to obtain at this price not just in Southern California, but anywhere in the country. Located in the Coastal Foothills just west of the I-15 Freeway above Murrieta, La Cresta encompasses an area of gently rolling hills suitable for vinyards or groves, expansive meadows ideal for equestrian pursuits, and magnificent hillside properties offering panoramic views from the Pacific Ocean to the snow-capped San Jacinto mountains and the flowering beauty of the San Rosa Plateau.. 

Homes in La Cresta range from modest single story homes of 2,500 SqFt dating back to when the area was first develped in the 1980's to 10,000 SqFt estates offering every amenity you could desire. With 5 acre minimum lot sizes, many La Cresta homes offer expansive guest houses, tennis courts, salt water pools, vineyards, avocado & citrus groves and world class equestrian facilities. 

With prices ranging as high as $8 million dollars, this current opportunity to purchase bank-owned homes in La Cresta for as little as $449,000 represents a limited window of opportunuty for the discerning home buyer to enjoy one of the best values in luxury home values in California.With 86 homes curently listed for sale in La Cresta, These seven REO & short sale properties are among only 20 homes currently priced at less than $1,000,000.

41355 Calle Bandido,  La Cresta,  Asking $999,900
calle bandido
BANK OWNED FORECLOSURE!! Beautiful custom home on 10 acres with view!! Resort style backyard featuring pool with water slide & caved jacuzzi, outdoor kitchen with all the bells & whistles!! Gourmet kitchen, workout room with sauna, 2 fireplaces, built-in cabinets throughout!. This is a MUST SEE!! Buyer to verify all info B4 COE.






20655 Paseo Montana, La Cresta,  Asking $899,900

paseo montana
Bank Owned REO Property. Top of the mountain views. Property is over six acres with a unique split level floor plan. The complete third level is a large loft with city views and overlooks the large formal Great room. Hardwood floors, views from every room. Large master suite. Property has abandoned 5 acre avocado grove, which could be grafted. Master bathroom is missing all fixtures. Property is being sold as is




19170 Saint Gallen Way,  La Cresta,  Asking $853,000

st gallen
New home just outside of La Cresta and not subject to HOA fees. Open floor plan with great gourmet kitchen with marble counters, center island and room for chef size appliances. Butler's pantry with sink and small refrigerator. Three sided fireplace in living room area. Master bedroom with dual sided fireplace between bedroom and bath. Bath with jacuzzi tub. Marble tile floors and accents. Finish details and save a bundle. Backs up to Cleveland National Forest.




39461 Vista Del Bosque,  La Cresta,  Asking $799,000

del bosque
This is a short sale and a great value to own a rare combination of breathtaking views and horse friendly...Charming single story newer home with tons of amenities. Custom wrought iron gates to the courtyard entry with custom front doors. Upon entering, find serene captivating views of the Cleveland National Forest. Great room offers built in niches and media center. The dining area includes a fireplace, adjacent to upgraded kitchen with cherry cabinetry and stainless appliances. Huge deck for great entertaining opportunity that includes an outdoor fireplace. New spool and barbecue with fire pit to enjoy endless sunsets. There are three stalls and an arena with trails directly off of the property. Don't miss out. The home is upgraded, landscaped and ready to go.



21100 Via Los Laureles,  La Cresta, Asking $765,000

los laureles
Lender Owned Property, Beautiful views of hills and valleys of La Cresta, Country mountain cabin style home, Dramatic rock fireplace in family room area, large pictures windows with great views, great room style living/dining kitchen area, separate private master suite. 2 separate 2 car & workshop garages. Home seems tucked awary against the hill, for that mountain living atmosphere.




21355 Pequeno Circle,  La Cresta,  Asking $765,000

pequeno
Bank Owned property in beautiful La Cresta. Single story floor plan, situated at the end of the cul-de-sac, tranquil and very private. 3 BR, 3 BA, 2312 square feet on 4.96 Acres, plenty of room for horses. There is an additional pad ready to build whatever your heart desires. This home is sold "AS-IS" with no warranties, disclosures, inspections or repairs provided by the seller. Your proof of funds or pre approval letter must be presented with all offers. Agents acting as buyers must disclose such with your offer. The house must be in the MLS for 5 days before offers are considered by the seller.


21095 Avenida de los Arboles,  La Cresta,  Asking $449,000

no photo
Bank Owned and Price To Sell, You don't want to miss out on this ""Top of The World Mediterranean Beauty" on 5.09 acres . this home needs a lots of TLC but has tons of character. Open floor plan. A panoramic view of mountains the entire city. Vaulted ceilings and Huge windows everywhere. 2 Fireplace 1 in fireplace and one in family room did I mention the view from the balcony hurry at this price this home won't last.




All property information courtesy of MRMLS database, assumed to be accurate but not verified by Broker.
These properties are not listed by Gene Wunderlich and are provided only as a market update.
As you have questions, it would be my pleasure to show you around Southwest California Homes.

Gene Wunderlich - Selling Southwest California Homes including Temecula, Murrieta & The Southern California Wine Country
subscribe to my blog                    southwestcaliforniaghomes.com

Remember, Don't wait to buy real estate - Buy real estate and wait.

Temecula Valley Wine Country Homes 5/5/08

win country homes 5-5-08 As of May 1, 2008, there are approximately 83 homes listed for sale in, and adjacent to, the Temecula Valley Wine Country.
All homes are a minimum of 2 acres with prices ranging from $359,900 to $2,699,000. While that represents a remarkable price spread, please keep in mind that the Wine Country still includes some areas that allow manufactured homes. Some of these homes offer the opportunity to purchase acreage, including productive vineyards, for the same price as a tract home.

Address                Price     BR/BA Age     SqF  Lot Sz   Date Listed
35509 Schuber LN,      $ 359,900     3/2 1986      1,
152, 86,248      5/1/08
schuber2 acre view lot of Temecula's Wine Country. Relax and enjoy the views of the grape orchards and the outstanding mountain views. This home offers lots of flat land for horses, work equipment, toys, building another house and more. This home is close to town and offers city water. Manufactured home on 433 permanent foundation.




41270 Calle De Maya ,   $ 380,000     3/2 1987      1,536 97,138       3/5/08
41275 Cruz WY,             $ 415,000     4/2 1980      1,760 134,600     3/12/08
41307 Calle Toledo ,      $ 425,000     3/2 2000     1,716 103,237      4/4/08
35400 Calle Chico ,        $ 478,800     4/2 2003     2,640 104,544     1/1/08
40755 Calle Toledo ,     $ 499,900     4/2 2001      1,510                     4/15/08
38999 Berlie ,               $ 504,900     3/3 2002      2,640 229,125     4/29/08
berlieGorgeous top of the line Silvercrest Manufactured home on permanent foundation. 5+ acres, gated, ceiling fans throughout, cathedralo ceiings, dual paned windows, large master bedroom with retreat, surround sound, large kitchen w/Corian countertops and island, walk-in antry, breakfast nook, huge laundry room with cabinets, beautiful rock fireplace, formal dining room and living room, bike rack, fruit trees, breathtaking views, firepit and much more.

41026 Los Amantes RD,  $ 549,900 3/2.00 1982   1,836 102,801     6/21/07
40521 Calle Cancion ,       $ 560,000 4/3 1987        2,408 101,059     3/19/08
38745 Via Cantata ,         $ 625,000   4/2 2000      1,680 169,448    11/18/07
39350 Marcus DR,         $ 649,900     5/3 1977     4,036 119,790     1/12/08
37900 Rio RD,                $ 654,900     4/3 1990     3,008 177,289     4/30/08
35350 Loma Ventosa LN,  $ 659,900 3/3 2000      1,951 106,286      4/22/08
39386 Chaparral DR,     $ 677,000     3/3 1977      2,760 109,335     5/5/08
39356 Calle Bellagio ,    $ 699,900 4/3 1987          2,027 147,668     5/2/08
36040 Valencia WY,      $ 727,990 5/3 1981           3,176 138,520     3/10/08
36275 Glenoaks RD,      $ 729,000 3/2 2002          2,200 178,596    4/4/08
36100 Pauba RD,            $ 744,900 3/3 1979          3,151 195,148      4/24/08
39280 Camino Niguel ,   $ 749,900 3/4 2004          3,426 218,235    3/21/08
40005 Camino Del Vino ,$ 785,000 3/2 2002       2,190 234,788     2/26/08
vino
Just reduced on 3-21 $100,000. This is not a short sale! Spectacular home in the heart of the Wine Country. Enjoy breathtaking views of snow capped mountains, hot air balloons and lush vineyards. This immaculate home is situated on 5.39 usable acres, has a horse arena, gated entrance with mature olive trees, completely cross fenced and maticulously maintained. The interior of this single story home is appointed with tasteful tile flooring, cherry cabinetry, slab granite counters and stainless kitchen appliances. A bright and open floor plan allows you to enjoy views from every window and wander through patios while you are enjoying the good life!


40553 Chaparral DR,      $ 795,000 4/4 1987        3,569 107,157    3/10/08
40951 PARADO DEL SOL DR,  $ 799,000 3/4       2,935 96,267     8/28/07
40120 BUTTERFIELD STAGE ,  $ 799,900 3/3 2006 2,815            1/10/08
33007 Vino Way ,           $ 799,990 4/5 1990         2,222 101,494    3/25/08
41979 DEPORTOLA RD,  $ 839,000 4/4 2006      3,500 217,800   2/19/08
41945 Jericho RD,           $ 849,000 4/3 1984       3,000 92,347     1/30/08
37778 Villa Balboa DR,    $ 849,900 4/3 1985       4,318 111,513     3/22/08
37380 Avenida Chapala , $ 850,000 4/4 2002       3,650 112,820   4/11/08
37865 Via Lobato ,          $ 864,900 5/3 1989        3,400 209,088  1/21/08
40555 Green Oaks DR,   $ 870,000 4/4 2008       2,741                  2/21/08
33055 Vino WY,               $ 875,000 4/3                2,713 99,317      1/15/08
39970 Chaparral DR,      $ 879,000 3/3 1990        2,768 169,884   3/2/08
38790 MESA RD,            $ 889,000 4/3 2002       3,105 266           8/15/07
34670 Capitol ST,           $ 897,900 4/3 1991         3,282 87,991     2/26/08
42110 COLLEEN CR,       $ 899,000 3/3                  2,390 115           1/11/08
41601 Cruz WY,              $ 899,000 2/2 1979         1,860 221,720   2/22/08
40330 Parado Del Sol DR, $ 919,000 3/2.00 1996 3,200 341          6/1/07
39030 BELLA VISTA ,  $ 924,900 4/4 1990          3,772 101,059   1/17/08
bella vista
BANK-OWNED & NEWLY REFURBISHED CUSTOM HM, ALL NEW GOURMET KITCHEN W/LRG NOOK, NEW LIGHTING/TILE/WOOD FLOORING, NEW CARPET IN 2 RMS, ALL NEW INTERIOR PAINT, 2 NEW A/C UNITS & HEATING SYS, XTRA-LRG WATER HEATER, SEPARATE WORK AREA & STORAGE IN GARAGE, UPSTAIRS LOFT, DOWNSTAIRS BDRM W/PRIVATE ENTRANCE, PRIVATE PATIOS OFF MASTER & FAM RM, SEPARATE CHILDRENS WING W/2 BDRMS & 2 BATHS, BEAUTIFUL LANDSCAPING W/PALMS & ROSES, SEE AGENT REMARKS.



39979 VIA CALINA ,  $ 949,900 4/3 1990       3,055 219,542      2/1/08
41398 Chaparral DR,    $ 959,000 3/4 2004      3,100 114,998      11/2/07
33475 Vino WY,            $ 995,000 5/6 1990      4,872 95,397        3/31/08
36730 Avenida Verde ,$ 999,000 4/4 2002      3,431 206,038      3/11/08
39395 Camino Niguel ,  $ 1,030,000 4/4                                          11/20/07
38312 Corte Alegria ,   $ 1,075,000 5/3 2000   3,134                    12/22/07
40575 Parado Del Sol DR,  $ 1,098,000 4/3 1988 3,089 207,345  4/29/08
39689 GRANJA ,          $ 1,099,000 6/5 1999   4,600 97                1/29/08
42410 Calle Contento ,  $ 1,100,000 4/5             4,794 94,960        3/19/08
36594 Summitville ST, $ 1,100,000 5/3 2000    3,000 209,523     4/22/08
summitville
This is a beautiful custom wine country home on almost 5 acres. Drive up the new tree lined driveway to the 5 bedroom, 3 bath 3000 sq ft home on one of the most sought after streets in Temecula. The front of the home boast breathtaking panoramic views of the city and hills while backing up to the reserve which means you are guaranteed privacy for as long as you wish. Enjoy the summer heat in your own pebble tech pool and spa with a fabulous water feature and cabana. Entertain with surround sound, a built in BBQ, and gas fire pit. Back yard is completely fenced for the safety of your small animals. Enter through the french doors to find a beautiful open living space. Take advantage of the natural light coming in through the 6 skylights. The gourmet kitchen is complete with granite, glass cabinets, stainless steel appliances, and a water filtration system. The master bedroom has many windows, a walk in closet and jacuzzi tub.Barn has electricity and water.
41896 Chaparral DR,      $ 1,110,000 4/5 2003     3,497 329,967         8/24/07
39435 PARADO DEL SOL ,  $ 1,150,000 4/3.50 2004 3,594 181,645  11/20/07
42600 Chaparral DR,     $ 1,150,000 4/3 2004    3,415 1,594,30           2/8/08
38199 Gio CR,                 $ 1,190,000 5/3 2006    3,719 183,387            2/20/08
36615 E Benton RD,       $ 1,199,970 4/3 2005    2,927 212,137            8/31/07
0 VIA DE LOS ARBOLES ,  $ 1,200,000 4/3 2008 3,400 101,059         1/18/08
41490 Via Del Toronjo , $ 1,299,000 4/4 2004   3,658 13                      4/22/08
41454 Parado Del Sol ,  $ 1,299,000 4/5 2007   4,160 185                     11/2/07
38375 Rock Creek CR,  $ 1,299,999 4/5 1990    5,200 175,547             2/6/08
41740 Via Del Monte ,   $ 1,300,000 4/4 1987    3,950 214,750             4/1/08
35601 Glenoaks RD,      $ 1,300,000 6/7 1976     3,538 173,368            4/5/08
38550 Ganson PL,          $ 1,325,000 4/4 1998     2,772 175                   11/12/07
35260 PAUBA RD,         $ 1,350,000 5/3 1988    4,068 213,879            3/30/08
32777 Vista Del Monte ,  $ 1,350,000 5/5 2005 4,096 201,682            4/21/08
42200 Danby RD,          $ 1,374,900 4/3 1996     2,625 266,151           12/1/07
33500 Lisa RD,              $ 1,395,000 4/5 2004    4,035 244,372            5/1/08
38450 Mesa RD,            $ 1,395,000 3/4 2006    3,102 105                     1/21/08
41785 Chaparral ,          $ 1,395,000 4/5 1997     4,177 166,834            12/9/07
36850 AVENIDA VERDE ,  $ 1,399,900 4/4 2004 4,000 76                   2/19/08
41155 ViA DeL TORONjo ,  $ 1,445,000 5/5 2007 5,170 119,790         12/27/07
39415 CALLE ANITA ,  $ 1,499,000 4/5 2004    4,800 101,494            11/12/07
42405 Sandak RD,        $ 1,580,000 5/6 2005     5,139 220,413            4/18/08
42990 Seawind CR,       $ 1,590,000 3/5 2008     4,235 55                    3/11/08
41622 Calle Vaquero ,   $ 1,650,000 7/8 2006     5,800 207,781            1/18/08
41615 Rowland CT,        $ 1,650,000 4/5 2004     5,012 83,635 53        3/13/08
36351 Via Burgandy ,    $ 1,720,000 5/7 1992      6,393 219,542 181     11/7/07
33878 Linda Rosea Rd ,  $ 1,795,000 5/6 2002   5,400 267,894 96      1/30/08
rosea
Dramatic entry to grand estate of 4800 sq ft plus 600 sq ft guest house. Spacious 6.15 acre parcel that offers tons of useable for horses or park your helicopter on your own heli pad that is backed up to the Country Roads Airstrip. The property is lushly landscaped and offers a tropical setting with large waterfall and slide to a Pebble Tec pool and spa. The patio cover is expansive to optimum entertaining. An additional water feature graces the porte cochure entry to this home. A very open floorplan expands to voluminous ceilings, custom artwork, plantation shutters, two story windows with automated shades and fireplace with niches. The kitchen pleases with maple cabinetry , granite counters with marble backsplash, dual dishwasher, sit up bar at the island. The adjacent room to the great room lends itself well to a theater room. The master is grand in every way with seperate work out room, dual walk in closets, spa tub and large balcony.
39559 Calle Anita ,      $ 1,849,000 5/6 2008     5,032 110,802              4/16/08
33550 ORLINDA ,       $ 1,850,000 5/6 2007    5,872 263,974             3/14/08
35394 Linda Rosea RD,  $ 1,850,000 6/4 2008     4,700 119                      1/7/08
39610 SANTANA ,         $ 1,899,900 4/4.50 20065,123 376                     4/25/07
41985 Madeline CT,        $ 1,990,000 6/7 2005     6,485 4                         5/1/08
33780 LINDA ROSEA , $ 2,275,000 5/6 2006     6,200 254,826           12/21/07
LINDA
SPRAWLING CUSTOM ESTATE ON 5.85 ACRES, X-FENCED & FULLY USABLE, CENTRAL WINE COUNTRY LOCATION, CIRCULAR DRIVEWAY W/TOWERING FOUNTAIN, 6200+/- SQFT OF PALATIAL LIVING SPACES, TRAVERTINE FLOORS, TRIPLE-EDGE OGEE GRANITE, MULTIPLE SINKS/DISHWASHERS, WALKIN PANTRY, COMMERCIAL-GRADE STAINLESS APPLIANCES, WALLS OF WINDOWS, 5000+ LINEAR FEET OF EXTRAVAGANT CROWN & BASE MOULDINGS, MASTER BATH W/CIRCULAR WALKIN TILED FORTRESS, UPSTAIRS MEDIA/GAME RM W/COMMANDING WINE COUNTRY VIEWS FROM BALCONY, 4+ CAR GARAGE & RV PARKING, ROOM FOR HORSES & GRAPES, BACK TO PRIVATE AIRSTRIP, SEE FINANCIAL REMARKS.



37812 Dorothy CT,      $ 2,699,000 5/9 2005       6,300 217,800 140     1/3/08

There are currently 6 Wine Country homes in escrow and in the past 90 days there have been 6 closed sales. All information courtesy of MRMLS data base. All figures assumed to be accurate but not verified by Broker.

If I can provide further information on any of these fine Wine Country homes, please don't hesitate to contact me.
Gene Wunderlich - Selling Southwest California Homes including Temecula, Murrieta & The Southern California Wine Country
subscribe to my blog                    southwestcaliforniaghomes.com

Remember, Don't wait to buy real estate - Buy real estate and wait.

That Magic 100,000.

100,000 population
southwest californiaThe Southwest California cities of Temecula and Murrieta were recognized for reaching a significant milestone in their shared histories this past week when the California Department of Finance acknowledged that both had exceeded 100,000 population for the first time in their long and colorful histories.

temecula logoFor those of you who don't know,  Temecula and Murrieta are cities in Southern California about 30 miles inland from the ocean just across the coastal ridge and north of the San Diego County line. The cities sit right next door to each other, sharing a long city limit. In reality the area probably should have become a single city but neither area wanted to give up their historic boundary or claim to empire.

murrieta logoOur history extends back for hundreds of years with Native American residents carving an existence out of the rolling hills that are now home to nearly two dozen wineries. More recent history goes back to the mid-1800's as first Spanish explorers & Missionaries, then gold prospectors followed by cattle ranchers  journeyed through this part of the country by horse, on the Butterfield Stage Route, then by railroad and finally by freeway.

butterfield stageOur current land rush didn't start until the late 1980's with modern day 'explorers' fleeing the congestion and high cost housing of coastal areas for the wide open spaces, clear skies and low crime rate of our Valley. Temecula, formerly known as Rancho California, became a city in 1989 with Murrieta following in 1991. At that time, both cities had populations of just around 20,000. We have grown fivefold in less than 20 years with Murrieta alone doubling in population since the 2000 census.

balloonsThe growth has brought opportunities as well as problems to the region. It has been difficult to grow the infrastructure apace with the population. Job growth has also lagged meaning as many as 60% of our residents hit the road to San Diego, Orange County or Los Angeles every morning. With current growth rates dropping to the 3 & 4% range and our housing approaching build-out, both cities now have an opportunity to play catch-up with the needs of citizens. Transportation, education and job growth are areas that demand attention.

vinesAs a footnote, our Realtor population has exploded from about 450 Realtors when I joined this Association in 1994 to over 3,000 Realtors today with another 2,000 MLS only (non-Realtor) members. While the number of Realtor members of our state Association has dropped by nearly 35% this year, locally we continue to add new members in spite of a 60% drop in sales and 40% drop in prices. Last year there were fewer total home sales in our region than Realtors, translating to roughly .77 of a paycheck per Realtor FOR THE YEAR.

Overall, Realtors have played an active role in the development of our area and have served proudly on many city and county boards and commissions helping map the future course of this great area.


Gene Wunderlich - Selling Southwest California Homes including Temecula, Murrieta & The Southern California Wine Country
subscribe to my blogsouthwestcaliforniaghomes.com
link to fraud grouplink to music group
Remember, Don't wait to buy real estate - Buy real estate and wait.

New 10 year Report On Southwest California Demographcs Available

Public Policy Paper
By far the most comprehensive study of the Inland Empire region of Southern California in recent years has just been published by the Public Policy Institute of California. Compiled by Hans Johnson, Deborah Reed and Joseph M. Hayes, the report examines the economic and demographic trends of our region out through 2015. The analysis is summarized in a 141 page report replete with charts, graphs and analysis of population growth, migration, job growth, ethnic make-up, educational challenges and political activism.

Among the more interesting points from a real estate perspective:
  • The fastest growing region of a fast growing state will soon be home to a population larger than Oregon's.miogration patterns
  • The Inland Empire has grown by more than 50% since 1990, twice the rate of the rest of California. 
  • Once sleepy areas like Temecula and Murrieta have seen their populations increase from around 20,000 to nearly 100,000 during that time. 
  • Affordable housing and job growth will continue to be the driving engine
  • Population growth will continue to exceed job growth ensuring that the region will also remain one of the nations largest commuter communities
  • Despite skyrocketing foreclosures and a sluggish economy, the Inland Empire will remain the fastest growing region in the state as people continue to flee high priced coastal areas.
  • Traditionally this has been an area of exaggerated boom & bust cycles and undoubtedly there will be a recovery.
  • The mortgage crisis has hit the area hard. 1,000's of homeowners have defaulted on their loans resulting in a glut of REO properties on the market with builders slashing the prices of new construction to attract buyers.
  • Southwest California, including Temecula, Murrieta, Lake Elsinore and Menifee could add as many as 150,000 residents to the 400,000+ already calling the area home. 
The entire report is available at The Public Policy Institute of California website.

Gene Wunderlich - Selling Southwest California Homes including Temecula, Murrieta & The Southern California Wine Country
subscribe to my blogsouthwestcaliforniaghomes.com
link to fraud grouplink to music group
Remember, Don't wait to buy real estate - Buy real estate and wait.

Southwest California Homes Sales - 4/08. No Irrational Exuberance Required

March Housing Numbers
Here's the March update of housing figures for Southwest California, including Temecula, Murrieta and Lake Elsinore.
(Whoop-de-Freakin' Doo)

march housing stats - Temecula, Murrieta
(Please remember that month to month numbers can be relatively
meaningless
.
A single month snapshot may include anomalies, drops
or surges that are
not necessarily indicative of a trend & may or may
not be reason to become irratioanlly exuberant
or despondent.
Sales data source: Chicago Title.)

 

   While it appears that our market is still headed South, the numbers don't really tell the whole story. Our office, among others, has seen a noticeable increase in Buyer activity during the past 30 - 60 days. Personally, I am having the best quarter I've had since mid-2006 (though that's not saying much). The increased availability of FHA loans and declining prices has encouraged some to venture into a market they thought they had been frozen out of. Many first-time Buyers are finding it's no more costly today to own their own home than renting an apartment. Other Buyers are using this as an opportunity to purchase a more spacious home for themselves while renting out their current place. Interest rates continue to remain near record lows  and, despite some reports, there are numerous types of loans available for qualified Buyers.
   The market continues to be toughest for Sellers as the number of foreclosures continues to escalate and bank-owned homes dominate the market. That's not likely to change anytime soon. During the first quarter of 2008 the number of NOD's (Notices of Default) filed in Riverside County rose to 15,022. That number is roughly three times higher than the number filed a year ago. That number is also second in the state only to Los Angeles County with just over 20,000 filings. Of course LA has about 5 times the population we do so you do the math. It's also about double the number of homes sold here during that same period, leading banks to continue to discount their products to reduce their inventory. The banks have very deep pockets compared to us regular folks plus they're getting bailed out with our tax dollars.
   Best bet? If you don't need to sell now, DON'T. For most of you who bought or refi'd since 2003, you'll need to hang in there for awhile yet. As they say out West, you're Ass over Teakettle right now Pardner. But don't despair - it'll turn around again. It always does.
   If you're better invested in your home, you may want to consider this a time to look around for a rental/investment property or to upgrade your current digs. You'll be amazed at what your housing money will buy right now and your current house might make a great rental. You won't get rich at it but the tax benefits are OK and once this market picks up again, you'll own two houses instead of just one. Think about it.

Gene Wunderlich - Selling Southwest California Homes including Temecula, Murrieta & The Southern California Wine Country
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Remember, Don't wait to buy real estate - Buy real estate and wait.