From The Olympian, July 20, 2008:
Housing prices haven't hit bottom yet
A senior ecomonist for Wachovia expects real estate to market to be weak until 2011 to 2012. Before bottoming out, nationwide prices are expected to drop 22% to 29%. If Olympia's recent 9% drop is the start of the local bubble bursting, then it is possible for another 20% drop in Olympia over the next 3-4 years.