They are talking about the entire housing market in the USA. Many areas are not likely to drop at all or only slightly while others (like CA) are picking up speed. Sacramento is already down over 40% along with many other areas of CA. As the economy weakens and job losses start to mount, then you’ll see a lot more homeowners squealing “uncle”. I believe that the bottom won’t hit all of San Diego until late 2011 / fall 2012.
