Rich Toscano has a post on December home prices in the San Diego Area, and if this does not scare you, are dead:

For the month of December, the size-adjusted median price was down 4.6% for single family homes, 5.8% for condos and 5.0% overall. That’s right, for the month. The graph below shows the declines from the peak.

FWIW, the housing market is collapsing from the bottom up, so the houses not selling are cheaper, and the already bad figures become even worse when corrected for square footage.