Two zip codes in Irvine have seen median condo values fall by 40 percent in the last year. I have alerts setup for threshold points in certain locations and was surprised in the last few months of the number of condos hitting the MLS at $200k but also in the $100k range in Irvine. The mid-tier markets are definitely in a correction mode.
via The collapsing prices in Irvine condos – two zip codes see year over year price drops of 40 percent. Shadow inventory in Irvine is bigger than non-distressed MLS inventory. » Dr. Housing Bubble Blog.