Arn - Firstly, I don't think you need to qualify your answer as 'no one really knows' - we're all just expressing our opinion here, so it's ok. I don't know why everyone on this board always says 'no one knows' So far, the SEC has not decided to regulate realtors comments as a solicitation to invest (yet), so no worries here. Secondly, I'm not sure why you make a statment like 'in place with foreclosures, price will drop' I think that's obvious to everyone. Thirdly, if you have a long enough time frame, it doesn't matter when you buy/invest. But the smart money buys low and sells high. If you want to buy high, then of course, you have to have a very long time horizon. So, your comment about 5-10 years should be taken with the understanding that the reason why one needs to wait so long is that one is buying at a high.
Vinicius - 'projected job losses in the valley'? what projected loss? it's reality, and it's happening every day now and is getting worse. not only are companies laying off, they are also reducing salaries and benefits.
See my estimate in the thread on Rivermark. I don't think we've seen anything yet, the worse is still to come.