[quote=danielwis]There will more corrections in some markets, but I think the majority of markets are at or very close to the bottom.[/quote]

I’m not sure… prices in So. Cal. were depressed in the mid 1990s, and grossly inflated by 2005. If you take a house that sold for $400K in 2000, and allow a generous 35% increase to account for inflation over the last decade, that house should sell for under $550K today.

Truth is, a house like that in, say, Orange County would have sold for $800K or more at the peak of the Great Bubble (2005-2006), but today sells in the $680K-$720K range. Still overpriced relative to $540K. Had the govt not distorted the markets so much, maybe that house would be selling for less than $600K today.