Belvedere Research

Case-Shiller: Steepest Price Decline On Record

Take a look here:

www.housingtracker.net...

Not academic, but a very clear summary of what you're talking about. It's clear that some metro areas are in a shorter term downcycle from a wave of foreclosures and illiquidity (e.g., Detroit) while others are in for a longer term fundamentals-based downcycle (e.g., LA, SF). Remember that in LA in the early nineties, prices got out of touch with fundamentals and stayed underwater in some areas for almost a decade