You’ll only get a good bounce back if an area is desirable for some reason (lots of new construction, and/or good schools, for example). Otherwise it will stagnate. And also, you can’t get a bounce back unless that area overshoots the fundamentals because of lots of foreclosures.

IMHO Chula Vista east of 125 is a prime candidate for a bounce back – new houses, API rank 8-9 schools, massive foreclosures. Temecula could recover nicely if gas prices drop.

Also don’t expect too much of a bounce. 20% appreciation in a year or two, at most.