Prices aren't just going down, they are falling off a cliff....You should read this article:
Here's an excerpt from the article:
"Across town at Tudor City, owner Time Equities couldn't cover the complex's underlying mortgage and taxes (not to mention utility bills and staff costs), and ended up giving it away, unit by occupied unit, in a jaw-dropping fire sale: In 1992, if the new owner were willing to assume the accrued debts, a Tudor City one-bedroom could be had for $3,500. In the East Village, Lower East Side, Upper West Side, and Harlem, people abandoned buildings outright"
I know you are in LA, so you can't be responsible for knowing this, but none of those areas you mention are in BROOKLYN. :)