I’ve been looking at the latest Case-Shiller data for San Diego home prices, and they back up the idea of a long wait for the bottom. From their data, the previous peak (before this last boom) was July 1990. Prices didn’t hit bottom until March 1996. The peak for the latest boom was November 2005. Using the prior bust as a guide suggests the bottom will be sometime in 2011. Recovery to current prices, keeping in mind that we’re over a year into the drop, would be around 2013.