Mark wrote on Apr 17, 2007 4:03 AM:Yea I lost my pink stucco home, but I luv my SUV. See how important I am - wake up people you got caught up in the 'trying to out do your neighbor' complex and now your children are paying for your mismanagement of funds. Traditional values put children first not your ATM/home. For a largely Christian area you sure did not think that way.

robert wrote on Apr 17, 2007 4:06 AM:ha ha ha ha ha ha lmao hahahahahahahahahahahahahahahahahahahahahahahahah hahahahahahahahahahahahahahahahahahahahahah hahahahahahahahahahahahahahahahahahahahahha

Skip wrote on Apr 17, 2007 6:59 AM:Absolutely no surprise here.

Gary in Murrieta wrote on Apr 17, 2007 7:11 AM:The trickle down effect of this will be a lot of construction workers out of work as new construction slows abrutly. I can already see the empty homes in my area, the sale signs for long periods of time, and the slowing of new construction. An interesting note will be to see who is effected more, the American citizens who work in construction or the thousands of Illegal Alien Non- English speaking workers that I typically see here.

Dave wrote on Apr 17, 2007 7:25 AM:Would you rather have a roof over your head or a yellow Hummer?

Bill wrote on Apr 17, 2007 7:42 AM:Somewhere along the way we Californians lost the idea of buying a home to live in and raise a family and actually pay off the loan.

Paul wrote on Apr 17, 2007 8:05 AM:It's just part of the real estate cycle here in So. Cal, let alone the I.E. I moved to Lake Elsinore in 1999 and had my choice of foreclosure properties at that time. Since then I've seen people camping out to win a lottery just to buy a new home. Well, it's back to the future once again. The best trick is to refi when rates are low, and values are high. But here's REAL the trick, DON"T buy the SUV, bank the money, then buy your nieghbors house when it goes into forclosure....This is how the poor become the rich. Of course I still look at new $500k homes, too bad most of them seem to have 30 non-english speaking people living in them. Is it just me, or is 6 adults and 10 kids too many people for a 1,400 sqft home???

Overpriced homes wrote on Apr 17, 2007 8:13 AM:The real problem is that the homes were and are grossly overpriced due to greed. You almost have to be independently wealthy to afford a decent home in San Diego and that is wrong. We all know these homes are not worth what their price tag is. They are cheaply built with inferior materials, but they sure do look pretty. Just because someone puts a $700,000 price tag on a home doesn't make it worth $700,000. If the homes were priced fairly (i.e., allow a fair and reasonable profit -- not a grossly excessive one where nobody can afford a home), 95% of the people who took out the "exotic" or interest-only loans would never have done so. They could have taken out a conventional loan. The real estate industry needs to feel a lot of pain to atone for committing one of the seven deadly sins: greed!

Gina wrote on Apr 17, 2007 8:17 AM:Mark is right... People here are so insecure with themselves. They seem to have their priorities messed up. It should be saving for the future first, and not worrying up keeping up with the Jones'. I have siblings and friends who live in the Midwest, who will drive a car for 7 or 10 yrs, stay in their homes for 17 yrs and pay them off early and have the disposable income to afford a 4 yr University for their kids and take the family on nice vacations and retire early and sleep good at night. It is all about crossing the "finish line" owing nothing to anybody folks...

AResident wrote on Apr 17, 2007 8:24 AM:I must admit that I myself almost got sucked into this as well. At the last minute I asked "ok, what will my payment go to in two years"? Went home and refigured everything, got on the phone and cancled. Yes I'm still renting a house for 1365 per month. The rent was raised during the frenzy. Built in 1957, really worth about 1000 per month. Missed out on the American Dream I guess, but the up side is that I'm not going into foreclosure. Make it a great day. Things could be worse.....

The Jones wrote on Apr 17, 2007 8:25 AM:The yellow Hummer for sure, then I want to complain about the price of gas!!!!

jr wrote on Apr 17, 2007 9:05 AM:housing's just like marriage in ca, ez to get into, expensive to get out of

Sam wrote on Apr 17, 2007 9:16 AM:Poor little wannabe yuppies. I love times like this, when all the flippers and SUV driving brats get their rewards. I just wish the people who flipped homes, made $100,000s and got out in time would also pay the price. Thanks to all these greedy jerks I cant buy home. The last 5 years gave low class, low income blue collar people far more then they deserved in life.

Hello!!! wrote on Apr 17, 2007 9:19 AM:Not everyone who lost their home lost it because of a vehicle. If you people believe that, you are idiots. Do you not think the extremely high cost of electricity and gas contributed to the un-affordability? We lived in Murrieta for 4 years and never had a summer electric bill above 300. Our first bill of last summer was 800. SCE bent my whole neighborhood over and they weren't offering payment arrangements either. All told, over 3 months we paid 1800 dollars in electric bills. Add that to the cost of 3 dollars a gallon gas to get back and forth to work and rising grocery prices and you have a mortgage that gets harder and harder to pay. Assuming that people were just being irresponsible with their money is just wrong. Not everyone had risky loans and big SUV's! Until we get rid of the self serving idiots we have in office, this will continue to happen. A little empathy and compasion for people who are going through rough times would behoove you because it could happen to you!

Bottom Feeders wrote on Apr 17, 2007 9:59 AM:Now is the time to buy real estate. Those of us who aren't speculators, but real investors know prices are heading to rock bottom and that means real profits for us. April is a double whammie month, property and real estate taxes due, so more bait will be thrown in the water from which we'll feed.

so typical of wrote on Apr 17, 2007 10:42 AM:murrieta/temecula. A bunch of wannabees buy their cheap houses and refinance constantly so that they can put their pools in and buy their suv's. They only care about how they appear on the outside. It's very sad. My husband and I own a house in San Diego and drive two average cars and live a pretty simple life. There are going to be alot of people in financial distress in Riverside County because of the way they wanted to live. Now they will have nothing to show for their money.

There is good news... wrote on Apr 17, 2007 10:57 AM:in, 'new jobs in the region have been bringing in new residents to buy houses as quickly as lenders seize them...'. Perhaps now, we'll see the removal of the low class types who are the majority in the Temecula Valley replaced by a better breed of the truly affluent.

price we pay to live in cal wrote on Apr 17, 2007 11:03 AM:do you think the interest rates will decline in the near future?

to Bottom Feeder wrote on Apr 17, 2007 11:13 AM:I dare you to buy now, what a joke, you don't see any long time pros (veterans of 2 cycles) buying now, wonder why?

YES, YES wrote on Apr 17, 2007 11:16 AM:"Bottom feeders" has it right. Except that it hasn't yet hit bottom, Bottom Feeder. Wait a bit and there will be lots of big houses with little lots in Temec-Menif-Muriet and points nearby that can be picked up for a fraction, held a while and then resold to the inevitable hordes of lower middle class wanna-be dopes that are now descending into bankruptcy land. You'll be able to buy that tract monstrocity for peanuts and resell it a little later for a tidy profit. Yahooooooo Hooray and Halaleuya!!

you guys suck wrote on Apr 17, 2007 11:38 AM:boy, lots of negitive nancy's out there enjoying the heart break of families losing there dream home that they worked so hard for.trying to purchase a piece of the american dream, and the $$$ they lost from it going back to the bank. how sad that people so enjoy others hardships and heartache. you should be ashamed of yourselves. just remember "what comes around goes around" pals!

Stated Income Fraud wrote on Apr 17, 2007 11:56 AM:Home loan qualification standard were a joke two years ago. People wanting to cash in on the wave of rising prices caused them to lie about their incomes. That coupled with 'creative' payment options that failed to amortized the principle and deferred interest, has caused an unsurvivable housing market for the liars and dreamers. Those who will be hurt will be those who falsified income, or who believed that housing prices would go up forever. I stayed put in my 1,500 square foot 'starter' home. It was all I could really afford. Look at all the money I 'lost' by not buying a BIG house now worth millions. Now is the time to buy IF you need a home to live in AND you can afford the payments (even if prices decline further). Prices will increase in the future, even if it takes a decade or two.

Not 2 worry wrote on Apr 17, 2007 12:02 PM:B of A will finance illegals and soon no more foreclosures! :)

Greg in Oceanside wrote on Apr 17, 2007 12:06 PM:Bill is right, the American Dream isn't what it used to be. Too many house-flippers. Maybe they'll be burger-flipping now. I also blame the "interest-only" loans and questionable loan practices by lenders. I feel sorry for the kids who have to move or relocate from the comfortable surroundings and friends still left in the 'old' neighborhood.

Federal Intervention wrote on Apr 17, 2007 12:07 PM:In the 1980's, the Federal Government learned that it cannot allow a housing market to collapse without bankrupting the banking system. Texas provided the lesson. A banker there said they learned that, in the short term, when it gives a mortgage, it 'buys' a house while giving an option to price increases to the borrower! There were so many foreclosed homes on the market, you could buy a hundred for $50,000 each, and there would still be many more to 'invest' in! About 7 years later, when the California real estate market started to collapse, strict limits were placed on the banks. They could only place a limited number of 'foreclosed' homes on the market. Better to have a bank hold onto a house at a loss, than to have the whole market collapse. The effort was 'successful', but it gave 'investors' an unwarranted confidence in real estate. There will be more pain in this market before there is more gain!

vicki wrote on Apr 17, 2007 12:14 PM:Not to Hello! Now, I am really frightened. I just moved to Murrieta, and am deathly afraid that I will not be able to afford to live now with the cost of Gasoline rising, not to mention stupid Propane company. And now hearing about the cost of electricity... and SCE unwillingness to make payment arrangements. Really frightening.

I have heard construction wrote on Apr 17, 2007 12:17 PM:is way down, they are letting go lots of workers. This means lots of illegals will be out of work, but I have an idea! We can replace all of our police and firefighters with illegals, they work cheap and will save the city a bundle! Plus look on the bright side, no more tickets you give the officer a twenty and he lets you go!

To Bill wrote on Apr 17, 2007 12:34 PM:speak for youself bud. My pad's paid for. Maybe these people are illegal aliens. The only way they qualified to begin with is that they don't bear lots of normal expenses..taxes...health care..education...

Mark to Hello!! wrote on Apr 17, 2007 12:36 PM:Yes the electrcity is high so turn off your A/C and buy a couple of ceiling fans! Where are your priorities? What is making that bill skyrocket? your pool? your a/c? your growing lights? Temecula Valley is the cheapest place in Southern Cal to live - that is why all these type of people are in trouble - they did not know how to work the program/area.

HANG ON wrote on Apr 17, 2007 12:37 PM:The Temecula area is attractive in many ways. Midway between the Los Angeles Metro Area with its huge population and San Diego. Wonderful weather with mild and sunny winters and lovely summers. It way outclasses Phoenix and Las Vegas for weather. The economic development there is just taking off, really. Such great transport with major freeways & etc. Don't be discouraged by a little glitch in the RE market. The basics are so strong for this area that prices will stablize and climb even higher. It's just a great place to live and to work too. Don't let the fools on here who really know nothing of the area mislead you. (I don't sell real estate ~ honest.) Yes, some have purchased homes without the proper qualifications, but that is true everywhere. Hang tough, it will only get better.

John E wrote on Apr 17, 2007 12:55 PM:I concur with "you guys suck" that one should not enjoy the hardships and bad luck of others. However, it is difficult to sympathize with affluent overspenders who cannot maintain a balanced budget at home. John Wesley knew the secret to material happiness: "Earn all you can. Save all you can. Give all you can."

Same thing happening wrote on Apr 17, 2007 12:57 PM:in San Diego. Foreclosures are up there too. So much negativity with Temecula/Murrieta - I wonder why...

Concerned-1 wrote on Apr 17, 2007 1:11 PM:Actually, Temecula and Murrieta are very nice places to live, with good schools and excellent public safety. You can knock it all you want, I say it's a great place to live.

sd_hog wrote on Apr 17, 2007 1:54 PM:I remember a graduation ceremony I went to where a friend of mine was getting his Dr. in financial planning/broker. The main message the speaker put out was ethics, the temptation to work the system to make money is great, but no good will ever come from it. His words not mine! In my own limited knowledge of finance, we are seeing the effects of Ethics Gone Wild. Too continue to manipulate the housing markets like Fannie and the ilk have done, guess what? In the end nothing good will come from it. The housing market needs a correction or a lot of employees need a lot of raises. Possible America should do away with the dollar bill as it slowly becomes worthless. Million dollar track homes what a joke California! What a jock!

Robert24 wrote on Apr 17, 2007 1:57 PM:Gina wrote on April 17, 2007 8:17 AM:"Mark is right... People here are so insecure with themselves. They seem to have their priorities messed up. It should be saving for the future first, and not worrying up keeping up with the Jones'. I have siblings and friends who live in the Midwest, who will drive a car for 7 or 10 yrs, stay in their homes for 17 yrs and pay them off early and have the disposable income to afford a 4 yr University for their kids and take the family on nice vacations and retire early and sleep good at night. It is all about crossing the "finish line" owing nothing to anybody folks..." Hey Gina, when are you scheduled to "cross the finish line"? I have no idea when I am, so I am going to try and be prudent, but also have a little fun along the way. I save 15% of my pay religiously, but I also have my toys. Just like everything else in life, moderation. I hope you are not really trying to get out of here debt free, and not enjoying the ride as you go!

Michelle in Murrieta wrote on Apr 17, 2007 2:03 PM:Hopefully this means all of the lower class families will be moving out of my neighborhood! Fortunately my husband and I didn't buy over our heads and factored in the rising gas and electricity prices. People are ignorant to think that those prices wouldn't rise. And look at me, I'm sitting in a huge house with 2 new cars and I never once have had to think about refinancing to pay for my toys! Don't buy what you can't afford and you won't be in this position. I have no sympathy for the people in foreclosure, it really comes down to your ignorance.

wanna be's? wrote on Apr 17, 2007 2:08 PM:I don't think wanna be's buy homes in the "Inland Empire". That would make them wanna be white trash.

Concerned-1 wrote on Apr 17, 2007 3:57 PM:What, a postive comment on the Valley is not acceptable? These people can bash Temecula and Murrieta all they want. It's fine. And, we are all glad they are so happy where they are. BTW, there's a few of us who aren't worried.

You've got to be kidding wrote on Apr 17, 2007 6:01 PM:The great thing about these blogs is that people like Michelle can make judgements on everyone else without being judged herself. I just love her 'look at me' comment. Too bad she had to tell everyone that she's from Murrieta. It just confirms the opinions of many that Murrieta has been invaded by people who have a false sense of their socio-economic status. I sure hope no one in Michelle's house loses their job. She could wind up being one of those horrid "low class" people she seems to despise. The sad facts in regards to the housing issue are that many people who wanted to be homeowners had no choice but to accept creative loans. Incomes that used to be adequate for buying nice homes in nice neighborhoods have become only adequate for buying "cheap" homes in the $400,000 range and only when creative financing was available. Their only other choices were to rent or move to the desert in another state. Just because some of us were lucky enough to buy at the right time doesn't mean we were smarter, just luckier.

Time To Pay the Piper wrote on Apr 17, 2007 6:31 PM:$1,800.00 electric bills for 3 months. Am I missing something here? Are there others out there with smiliar problems or was the bills earned? I've lived in Murrieta for 8 years, and even during the most unbearable summer months with a family of 4, I've never had a bill over $200.00 for any month. Either something is wrong on the electrically line or someone need not run the a/c 24/7 during the summer.

Where Are They Now? wrote on Apr 17, 2007 9:14 PM:The Lenders and Realtors...?

Personal Experience wrote on Apr 17, 2007 9:17 PM:Sell Low/Buy Low -- did it in the early 90's and now sittin' pretty, in a lovely home on acreage. Can't wait 'til the upturn when I walk with over 1.5M ....

Mark, and Michelle you are a fools!! wrote on Apr 17, 2007 9:24 PM:When the weather is over 110 degrees, you can't turn off the A/C! In addition, we had ceiling fans in every room and a whole house fan. If you know so much about the area, you would know that last summer there were record high temps that prevented people from turning off their A/C. Not one of my neighbors had a bill under 500 dollars. To Michelle, never say never!! You may be next.God forbid something happen to you or your spouse.

Greg in Oceanside wrote on Apr 17, 2007 10:19 PM:There are a few things to stay away from in life. Of course there are exceptions, but for most of us normal, rational thinking people we know what they are. I've never liked leasing a car (never have), adjustable rate and interest only mortgages, credit cards (cut mine all up), and borrowing money for things I should actually pay for with money I save, like TV's, appliances, and furniture. And, I'm adamantly against borrowing money from my home's equity. I have friends in Southern Riverside County and when I go to visit them I can't believe all the expensive SUV's, automobiles, and recreational vehicles lots of people seem to have out there. A tad bit excessive if you ask me. Seems like people aren't living within their means and are trying to keep up with the Jones's and everyone else. With all the foreclosures, maybe the 15 and 215 corridor will be a little easier to drive on.

cm wrote on Apr 17, 2007 10:38 PM:Real estate, like business, always goes through cycles. The boom was so big, it will probably take a longer time than usually for the market to recover. But let's face it. Everybody from around the country and around the world wants to come to California. It is just a matter of time until the market recovers and gets even crazier than the last boom.

Raymond wrote on Apr 18, 2007 6:03 AM:When you have real estate people and mortgage lenders telling you that your house is an ATM, there something wrong there. Don't you have to pay the loan back? No responsibility. Althought there are jobs, do they pay enough for a 3 - 4 thousand dollars per month mortgage loan? No sympathy here!

Mark, and Michelle ... wrote on Apr 18, 2007 6:10 AM:Don't get carried away! You can't run your a/c 24/7 and not expect to have to pay for it. I wanted to run mine 24/7 but didn't because I know what the outcome would be.

Time To Pay the Piper wrote on Apr 18, 2007 6:16 AM:Comment to Greg in Oceanside: I couldn't agree with you more. You hit it right on the mark.

to Concerned-1 wrote on Apr 18, 2007 6:51 AM:ITA with you that Temecula/Murrieta are great places to live and raise a family. They have great schools, great weather and actually, the people are nice. I love it! Don't know why some people are so negative about it - perhaps it's envy.

Tom B. wrote on Apr 18, 2007 7:10 AM:Hey guys, do still think "The Sky is not Falling"??

Observer wrote on Apr 18, 2007 8:21 AM:I feel for all of the people affected by the market, but you have to accept responsibility for your own lack of knowledge. If you didn't have any experience buying a home, you should have done your homework. Just because a lender says you can afford x, you should know whether or not that is true to your own circumstances. My husband and I make close to 200k a yr, and have lived in the same 1800 sq ft home for 12 yrs, refinancing only once to improve the now 27 yr old home, and that money is still sitting in a savings account because we can't find a reliable licensed contractor who wants to do the small jobs we need done. I have many friends in the mortgage industry who are always telling us..."Oh, with your equity, you could move-up to a much bigger home". What they don't tell me is that move will come with triple the yearly property taxes! I have kids who will be in college in the next 5 years. I'd rather pay 4700/yr in taxes, than 18,000.00 in taxes yearly for that "much bigger home". You have to accept living within your means, and understand what your means are. You have to do your own homework. Clearly, the lender is not going to do that for you.

Rodger wrote on Apr 18, 2007 11:54 AM:Wow! I have owned several properties and never had a foreclosure but I came close once when I was 25 and it was scary. I said that to say this. Some of you are cruel and jealous. These are nice people that bought houses in a very nice area. Most of them can afford to stay. My friend owns 5 homes in Torrance California worth $700,000 to $1,000,000 each but he chooses to live in Murrieta because of the quiet life style and kind people. Every market ends this way. If you can’t afford a house, be kind hearty, and hard working and GOD will bless you. As for the woman stuck in her San Diego home, you don't have to be cruel and jealous. This could be a good time for you to buy there too.

Rodger wrote on Apr 18, 2007 12:06 PM:Wow! I have owned several properties and never had a foreclosure but I came close once when I was 25 and it was scary. I said that to say this. Some of you are cruel and jealous. These are nice people that bought houses in a very nice area. Most of them can afford to stay. My friend owns 5 homes in Torrance California worth $700,000 to $1,000,000 each but he chooses to live in Murrieta because of the quiet life style and kind people. Every market ends this way. If you can’t afford a house, be kind hearty, and hard working and GOD will bless you. As for the woman stuck in her San Diego home, you don't have to be cruel and jealous. This could be a good time for you to buy there too. I was also lucky enough to buy at the right time in the last two markets. That does not make me smarter than these poor unfortunate people and neither are you.

John wrote on Apr 18, 2007 2:51 PM:The American Dream. It use to be the man would be the bread winner and the woman would raise the children and take care of the home.....somewhere that changed, now both parents work , are never around for the kids and do there best to pay the bills.... the dream got lost... it has effected the children , the stress has destroyed familys and the American Dream has become a nightmare for some.

Mary wrote on Apr 18, 2007 9:47 PM:Midwest here I come

Mary wrote on Apr 18, 2007 10:03 PM: sold a house in the area about a year ago. was amazed with the offers that came in. Not one person had the means to even be looking at houses in the first place. No money down, u pay the closing cost or interest only loans. Scary, but figured if they were dumb enough to do it not my problem. no sympathy here. sorry to u bleeding hearts

To Michelle in Murrieta wrote on Apr 19, 2007 1:08 PM:Wow you amaze me. I didn't know you had an in on great living. I am glad that you think you are better than the rest, but right now you may have it good but for how long. I am assuming you must be in your early 20's as that wasn't a very mature remark. Guess what? Life has no guarantees. I have seen lives change drastically due to health, auto accidents, plesaure accidents, death, divorce and many more. I can't believe you really think you have it made. God has given you riches and a brain but he can take them away too. I try to be a good Christian but I think you need an eye opening experience. Thank God fo your blessings. As for living in Murrieta, I prefer to be "lower class" and be able to enjoy "the climatic wonderland of the world."

brian k... wrote on Apr 26, 2007 3:18 AM:hey USA its called Karma ...you cannot keep invading foriegn countries and killing millions of people and stealing their resources..wake up to yourselves , you have the largest percentage of your population in jail of any country in the world , you spend more on your military than the next 20 largest spenders combined.How many millions have your military killed in the last 40 years.you have 5% of the worlds population and use ( waste ) 25% of the resourcxes do an internet search on the bush family ,starting with Prescott bush another on "false flag operations" open your eyes its going to get worse ,nobody wants your dollar anymore and you neither sew nor reap you are the pariahs of the planet ...read some news other than your own biased media. better still read John Stienbecks The Moon is Down ..invaders are hated for generations. WE DONT NEED YOU stuffing up this bountiful planet the creator gave us all.. Off course if you all read up about the private people who own the FEDERAL RESERVE and how money is created in the form of debt....yes the money you borrowed didnt exist until you borrowed it .....it is called fractional reserve banking.....then if you all just refused to pay your mortgage and your utilities and if you disbanded your military and took control of your country from the banksters and politicians we might all look up to you again.. PEOPLE POWER CAN WORK but first you need to educate yourselves Peace Brian

Cathy wrote on May 11, 2007 7:10 AM:A young couple here in HB just overpaid $960,000 for a modest home and with all we now know about the stupidity of the creative financing, that's what they went for anyway. Brand new Mercedes and big truck - 2 new motorcycles - water sport toys - you name it. The guy works in the trades; the woman spends the day on her treadmill and tanning by the pool. And I guess the government will be looking to people like me who try to live within my means to bail out my neighbors when they end up on foreclosure door. Wake up, people. You are living way above your means. The party is over! This style of life is stupid.