On Tue, 21 Oct 2008 10:46:12 -0700, Gunner Asch
wrote:

Im thinking more like 20-35% in some areas, such as mine..or even
more...

Ive believed that a 50% drop (or more ) is entirely consistant with
the over priceing due to the bubble.
==========
Looks like you nailed it in your area. [65% drop!!!!]

-------------------
California Home Sales Revive, But Not Without Intense Pain
By MICHAEL CORKERY and JONATHAN KARP

LOS BANOS, Calif. -- In this California city, one of the hardest
hit in the national housing crash, there's good news: Homes are
starting to sell again.
snip
Across hard-hit California, sales volumes rose 65% in September
compared with a year ago, said MDA DataQuick, a San Diego-based
real-estate information service.
The bad news is that the latest round of sales is unleashing
another round of pain in cities such as Los Banos, a commuter
community in California's Central Valley. ==With home prices
already down 66% from their peak here,== {emphasis added} most
homeowners owe more on their mortgages than their houses are
worth. Successive deals bring new low prices,
snip
------------
for complete article click on
http://online.wsj.com/article/SB122462963345656289.html

And the banks are complaining because those residential mortgage
backed CDOs are selling for only 35 cents on the dollar? Looks
like Mr. Market was right again.


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).