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I am a believer in the fundamentals camp.
House prices will level when:
Supply = Demand (work through all the foreclosures)
Price = the historical 3to4 times peoples annual incomes (current median income in CA is like $60K)
cost to buy = a little more than renting (still cheaper to rent)
Other physcalogical factors:
People not fearing losing there jobs People not losing their asses in the stock market
This is my uneducated opinion…
