cooprider: I agree with you. I can see how many non-bubble markets may be at the bottom by the beginning of 2009 but SoCal is likely to see falling prices into 2012 due to overwhelming inventory, large future ARM resets, buyers not being able to qualify for loans, etc etc etc.
All of this is going to put enormous pressure on ALL areas. People who are well entrenched with secure jobs (if there is any such thing, anymore) and real equity in their homes will be o.k. All others (many of whom believe that they are o.k.) need to wise up and take a hard look at their future if they are already or are going to be upside down in their homes and will have to sell due to loss of jobs, divorce, unaffordability due to upcoming ARM reset, etc.
