If it’s down 6% that makes it overpriced now? Or did that make it overpriced last year?
Some areas of San Diego county (subprime areas and areas with too much new construction) are taking a much harder hit than 6%. Some areas are seeing sales activity and prices on the rise compared to 2006. Wide sweeping statements like calling a bottom in late Summer 2008 (not sure exactly where that will be the bottom, but I suppose you have it nailed to a particular 2 block area) is just stupid. RE cycles take years to work themselves out.
