down 30% already in

[cantab]

down 30% already in SD

http://www.redfin.com/stingray/do/printable-listing?listing-id=857995

This house in City Heights is bank-owned by Wells Fargo and offered for $254,900. The sale history is enlightening:

04/24/2007 $300,715 -20.0%/yr
03/15/2006 $385,000 16.5%/yr
07/02/2003 $255,000 36.3%/yr
04/01/1999 $68,500 43.2%/yr
09/17/1998 $56,500 2.0%/yr
12/15/1994 $52,500 -19.6%/yr
11/02/1993 $66,955 -2.8%/yr
01/27/1989 $76,500 —

At the previous peak of the market (late 1989) the house was worth perhaps $80K. At the bottom of the market in 1996 it fell to perhaps $50K, a decline of 38%. This is bigger than the average decline in San Diego, because this is (frankly!) a tiny shack in a bad neighborhood.

The house has already fallen by over 30% in the current decline, from $385K to $255K, which coincidentally is the July 2003 value. Any predictions how much further it will fall?