I did some research on this topic. While doing my research I found a great article that estimates when each real estate market is going to hit the bottom. You can see the article at CNNMoney. Go to Google and search for the article title “double digit home price drops”

Here is the basics of the article but it is interested to see when it is estimate for each local real estate market to rebound.

According to an analysis conducted by Moodys Economy much of the nations housing prices will see a decline over the next couple of years. The analysis showed a projected decline in national house price of 7.7 percent over the next two years. The projected decline is over 4 percent higher than the projection in October 2007.

The 7.7 percent decline in housing prices is an average, so some areas of the country will see a much higher decline. Areas like Stockton California were close to the top of the list with an expected housing decline of 25 percent that is expected to last until the later part of 2008.

The Sunbelt areas of the country are expected to see the larges declines, but the Midwest is not far behind. With the many job layoffs from auto makers and other production facilities the local economy in many of the Midwest towns is struggling. Detroit Michigan is not expected to recover from its projected 21.3 percent decline until the early part of 2009.
Thanks,