I still say that housing in socal will drop another 30-40% from here, and it will take another 3-5 years to hit bottom. Probably end up close to year 2000 prices. It depends on how smart the lending industry/regulation becomes… if they end tightening lending standards a lot, it may be worse, as there were still a lot of sub-prime, int. only, 100% financing loans in 2000.