I tend to agree with LookoutBelow. I think that the decline will be much more steep and will take place in the next 2-3 years. I think that many of the estimates for 2009-2011 are based on past declines. Like I’ve mentioned in another post, this upswing went so high and so fast, that it is bound to return to normalcy in a somewhat similar fashion. We also need to define what the bottom-out level will be. It will likely be a level that properties would be at considering a normal, historical appreciation level. Or then again, maybe they’ll drop further. I think that jobs, wages, and cost of living need to be considered. Job growth is ok, wages are stagnant, and COL is increasing. If wages remain stagnant and costs for things like gas keep rising, lookout.