Temecula, like so many other cities, has been hit hard due to the housing slump, and a drop in real estate market prices. A look at the map and you can get a good picture of Temecula's short term outlook. For sellers this represents a discouraging picture. As more REO's hit the market, undercutting prices to get rid of these bank owned properties, private sellers have less chance of getting a decent price for their home. REO's are driving market prices lower. And with many more homes on their way to becoming REO's the future seems to hold more of the same.
On the other hand buyers can reap the benefits of these lower prices and the smart buyers are. Understand that buying an REO property is more of a hassle since banks are notorious for driving a hard bargain as far as contingencies and closing, often these homes are sold as is so no repairs will be made, you better not close late or you'll incur steep fines and other fee's and don't expect the bank to be as diligent about paperwork as they expect you the buyer to be. All in all though buying an REO property is a great way to get a great deal.
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