I tend to agree with Chris when it comes to the median.

However, I believe that overall prices would’ve dropped 30% by Q1 2010 in OC and stagnate for another 10 years from that time. It’ll be about 1 year earlier in San Diego.

The real estate economy feeds on itself. Once the appreciation and price support are gone the fundamentals aren’t there to justify the prices. Even at 30% off, houses would still be very richly valued.