Alex_angel– Perhaps you have some examples of these PQ homes that were $300K in 2003 and are $800K now, because I sure don’t know where they are.
You are right that prices are still too high, but to say prices haven’t come down is just plain incorrect. sdrealtor (and others) have established pretty well (and with data) that prices have returned to about their 2004 levels. I’m just too lazy to dig up examples right now, but it doesn’t take much looking to see that is indeed the case.
It’s not happening overnight (and probably isn’t going to), but it is happening, so try to be a little more patient (and save a bunch of money in the meantime!)