5year I believe that the declines are indeed still going to vary wildly. At least for now we are definitely seeing heavy investor involvement in the low to mid 300’s in Mira Mesa. So I believe it is very very unlikely to see another say 20% drop in Mira Mesa without an external catalyst. Now other places that are more primed for large declines include those that have held up best. Take a look at esmiths blog (which is really well done) and you will note those neighborhoods.

Now if we get an external catalyst in the form of a huge runup in interest rates and/or a very large swing in unemployment then there will be more susceptibility to major problems.

Anyways, I think that the much decline will be subjective based on regions and housing type.