It will take time for prices to move down, remember that we started declining only in late 2007 and the last downcycle was 5 years (1992-1997) so my guess is that this one will AT LEAST be that long… that puts a bottom at 2012.

I think a lot of the decline in South OC prices will be linked to the bust of the Alt-A and Prime mortgages which is going to happen very soon. These are the types of loans that were made in South OC.