Graphs like this are actually surprising to me., If you believe this graph (which shows data on one particular house, as well as from all of San Diego), the decline even in this overheated market has been fairly linear. Of course, losing $50k on your house a year is not exactly comforting, but the measured decline is nothing compared to the almost exponential growth from 2004-2006
To echo what many are now saying - subprime is just the beginning. Adjustable rate mortgages, no-money-down, and other loans made to folks hoping to "invest" in a home have left many people holding properties that are quickly losing their value - as their mortgage payments continue to grow.
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