From the WSJ
If you own a home in a former bubble region like California or southern Florida, there's bad newsâ€¦ and really bad news
But the really bad news is that, even after a year of misery and falling prices, homes in many of these regions still aren't cheap. They remain wildly overvalued compared to average personal incomes.
There is a strong long-term correlation between the two figures. And in many regions, house prices would still have to fall a very long way to get back into line.
Try around a third in Florida and Arizona -- and closer to 40% in California.
Yes, from here.