Definitely has not "popped" on the West Coast, but has slowed. I would define popped as what happened between 1991 and 1996 when we had declining values in most market areas of SoCal for several years in a row. The price reductions you are quoting are based on asking prices that were a little too aggressive (based on appreciation rates that are no longer sustainable). They are not declines in value. The days of 25-50% annualized appreciation rates are gone for a while and we will likely see zero to single digit appreciation for the short term and possibly declines over the next 2-5 years unless something changes in the economy. Just my $0.02 based on 15+ years in the RE biz.