My only comment is that those who track the housing market by the countywide price median get nothing more then…. well the countywide median.

What matters to me as a wouldbe buyer is the housing market in my zip code, for the type of housing I want. I don’t care what is happening in North Park, Eastlake or Escondido.

I care about interest rates, foreclosure and NOD rates, inventory, active/pending ratios, and other metrics.

It is an easy statement to say this or that submarket is holding up well or the crappy markets are not. That is a softball pitch. I do maintain that when it is all said and done the more desireable areas will come down. How far, I am not sure. I am not as pessimistic as some people here on this board who are predicting 50% drops in Carmel Valley and the likes. I guess in 2010-2011 we will have our answers. Until then, to me the data is still in flux.