What are you considering a "dramtic" drop in price and over how much time are we talking?
Over the last 3 years, almost all markets have shown some level of deprication in value. Some areas have been hit harder than others. Florida/Vegas/Detroit.
I can put you in contact with a local agent if you would like to discuss this further, as each market is different, and with regard to value, you would be served to talk with a locak Realtor.
Let me know if you would like to talk to some one more about this.