[nostrademons]

I think real estate will follow later. I've seen price cuts of $100-200K on the units that actually sell. Real estate is sticky - many people hold the line on price hoping that a buyer will come along later - and the economic crisis is just beginning to hit the sector of society that's a potential home-buyer in the Bay Area. There's also a fair bit of pent-up demand that sees this as a bargain-hunting opportunity and will still rush in - price won't drop significantly until those buyers have all bought or changed their minds.

Real estate here bottomed in 2010 after the 08-09 recession. It took about 2 years to make its way from profits to stock prices to layoffs to home prices.