I agree with Bugs’ analysis. SDrealtor, I also feel that the summer of 2001 is not a good base year. I think that 1997 or 1998 are more representative of the base.

I don’t have exact numbers. But I’ve looked at homes in some of neighorhoods that I’m interested in, I feel that 50% down from the peak is reasonable. In many neighorhoods, today is not the peak, it’s more like 15-20% off of the peak.

I’ll try to quantify the numbers later, if I have time.