I’m going to cover my ass and say that I don’t know.

But considering all the wildcards, prices have nowhere to go but down. Negative 5% to 10% per year is pretty much in the bag until the uncertainties, foreclosures and inventory get resolved.

Some neighborhood will do better than others on a nominal basis. But over years, on an inflation adjusted basis, they will all be at the same level. I can see a time when Chula Vista bottoms and slowly trends upwards while Carmel Valley stagnates.