brian, in regards to your original post, I read the LA times article and I believe the bottom has not hit on those areas that have several/many owners who purchased or took back a property in foreclosure in the last 10 years who now find themselves NEEDING to sell.
In areas where not much has sold in the last ten years and/or few properties were “cashed-out” in a refi or “heloced,” the bottom has already passed or is currently passing. I believe all residential RE in CA (especially in non-tract areas) is situated in a “micro-market.” Each “micro-market” creates sales comps for itself, however far and few between.
Potential buyers who think a “stable area” (as referred to in the paragraph directly above) will cave in value in the coming years (from today’s prices) will experience a huge letdown stemming from missed opportunities in sitting on the sidelines waiting for miracles that will never happen.
And yes, I still consider myself a pragmatic “bear” :=]
