Pencil: I think that the NABE (Business EconomiSTS) refers to national prices hitting bottom later in 2007. That may be true. However, bubbly areas like San Diego will probably fall for another couple of years before prices flatten and stay the same for some time.

The above is for nominal prices. In inflation-adjusted terms, we are still far, far from reaching the bottom in San Diego. Buying a house here before 2009 is nuts IMO.