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When one loses 30% or more home equity in one year, don’t buy the old cop-out line of “in the long run the housing prices will return to their old highs.” For San Diego residential real estate, this is the worst market since the great depression. Unlike a ‘normal’ correction or pull-back, this once in a lifetime evaporation of real estate values will not soon be forgotten. Partially because of the trauma inflicted on the public’s perception of ever-escalating real estate values, will the San Diego real estate market ‘snap back’ anytime soon. First the decline has to bottom and then it will most probably take a few years of base building prior to any return of meaningful appreciation. Naturally, at this New Year period, the glowing forecast sell your house quickly s for a real estate recovery have already started. Will these pundits be right this time around? You’ll have to draw your own conclusions. Why not see how some of the prior forecasts really paned out: On July 14, 2008 Barron’s magazine said: “Home prices are about to bottom.” Well, since than, the decline has only accelerated. In 2005 a local radio/TV commentator said: “If the media would just shut up, housing prices wouldn’t fall.” ”People think the market is down and the market will still go down. That’s not the truth. The market is down, but it’s not going down anymore,” said John Tuccillo, former chief economist for the National Association of Realtors. “I think it’s because consumers focus on national news and not enough on local news.