I would suspect there will be a some appreciation but it will not be in double digits. 2008 is projected to be a slow year with the market getting better towards the end. Property appreciated last year around 3-4% but the number of properties sold dropped about 13-15% depending on where you get the figures. It really depends on the economy, interest rates and what happens with a new President. No one can truly predict -- it is just a guesstimate on everyone's part.
I think you will be fine if you pay your mortgage on time. The subprime debacle is not as bad in San Francisco, at least in the North end of town where you live. Hang on to your property - it is always a wise investment in the long run.