Bugs, sure there is a long way to go on the whole fallout,any bail outs, technical bottom ect. However my own personal history of having picked up a place in 1992 at nearly 40% below the previous owner seems to indicate that it could happen again. That is, that good deals could be had years before the technical bottom.
That property never went below what I bought it for. Unfortunately, I sold it for a gain that is considered good in normal times in 1998. I was by no means the only one who benefited by buying in that area of the cycle. Until I see possibilities like that fail to appear I am going to believe they can ,perhaps, even in the near future my guess is latesummer2008 or 2009 for sure.
In support of those who say we are very negative, I will point out that we rarely dwell on any possibility that buying particular properties In San Diego,well before the technical bottom, could prove to be lucrative or at least O.K.