From what I have been reading here, I am coming to the two following conclusions.

First, that the Federal efforts to fix housing are being made to help out owners of houses that are close to the national median price. San Diego is so off the charts compared to the rest of the country that most of the impact from the Federal government is not going to be felt here as opposed to, say, Iowa.

Second, that the Federal efforts to fix housing are in no way intended to prop up prices or to re-inflate the bubble. At this point, they know it will go down further, but are trying to prevent an overcorrection that is often seen in the aftermath of an asset bubble.

Having said that, I agree that the bottom is nowhere near in San Diego and, because of the above, that it will take longer and not have the deep overcorrection that many here have been hoping for.