patrick.net

in the bay area for march, short sales were 17.6% or sales and foreclosures another 31.5%.
http://dqnews.com/Articles/2011/News/California/Bay-Area/RRBay110414.aspx
49% of all sales were foreclosures or short sales.
1 out of 2 sales was a distressed property.
every other sale repesents a person, bank or loan owner losing a substantial amount of money.
in this environment, where half the sales are distressed, it will be very difficult for prices to appreciate.

the case shiller inde indicates weakening prices:
http://www.socketsite.com/archives/2011/04/spcaseshiller_san_francisco_value_decline_accelerates_i.html

one thing to note is the momentum of the YoY Change in CS index.
once the trend starts up or down, it keeps going in that direction for several months (and even multiple years).

robertoaribas says

we still have reduced foreclosures due to the recent roboscandal, state attornies general looking into bank processes.

So, we still have delayed foreclosures to deal with, and their impact on the market. Despite this, prices are still sliding.

DEFINITELY something to keep an eye on.

Despite EVERY SINGLE IMAGINABLE government tactic to support and prop up RE values, they are still falling - that shows just how pathetic and sad the situation is. You can't have homes worth a relatively large X amount in a nation that has a fundamentally hollowed-out economy that produces mostly low-paying service-sector work (minus government sector which is just based on the USD reserve status printing press mechanism), it just isn't going to work. Now take out larger and larger chunks of those low, real-dollar paychecks (inflation), and you expect RE to GO UP? I wish I could understand the bulls, but I just can't. I think the vast majority of them are just clueless, mainstreamer baby boomers who are used to "USA, number 1, etc." It's ridiculous, laughable. They are in for a very rude awakening.

schmitz_kris says

Despite EVERY SINGLE IMAGINABLE government tactic to support and prop up RE values, they are still falling

Don't underestimate their imagination. They'll come up with some new gimmick.

klarek says

schmitz_kris says

Despite EVERY SINGLE IMAGINABLE government tactic to support and prop up RE values, they are still falling

Don’t underestimate their imagination. They’ll come up with some new gimmick.

Beat me too it.