A $62,000 Median Home Price in Southern California?

Would you believe it that 3 zip codes now have prices in the five-figure range? Or what about 15 zip codes with prices under $200,000?

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I still believe that we won’t see a housing bottom until 2011 although given the current speed and velocity of the price correction, we may actually see trough prices in 2010 yet they will carry over into 2011. I’m baffled by people putting a bottom on 2010 thinking it will somehow bounce like a basketball after it reaches that price. It won’t. I think we’ll be looking at prices moving sideways essentially like Japan given that we are emulating virtually every policy move they did which led up to their lost decade(s).