I try to watch the Carlsbad zips, and the 92078 San Marcos zip. My question is: How much (if at all) do you think home values have come down already, since this time last year? It seems like when I do searches on realtor.com or any of the other sites that pick up the mls listings I have been seeing many of the same houses coming up for months. (My wife:”Oh yeah, the one with the ugly kitchen wallpaper…it first appeared in November.”) I have read the comments about sellers being “sticky,” and I agree with that observation.

So, again, I guess my question is, how much will these homes on the market now listed at last spring/summer-type prices have to be lowered to actually sell? 5%, 10%, more? Seems like buyers in the $700k and up territory feel strength, and are going to drive some hard bargains.