Case-Shiller reported January real estate today. Here, via Calculated Risk, the SF price history:
The lower tier of the market had the highest run-up and has now suffered by far the highest losses from peak. The high end – which pretty much includes all of municipal SF - has been slowest to fall, but it has fallen.
Of course, we are back to mid-1997 prices in the S&P 500. By that standard, the 2004 prices of the real estate market seem awfully generous.