Here's a good perspective on local home prices

The Case-Shiller index covering the L.A. region (via the OC Register) shows a pre-recession upswing, followed by the crash, followed by what appears to be an extended trough of the market. What's interesting about the chart is that it provides a long view of where prices have been over the years - specifically, how L.A., despite the recent price declines, remains a very expensive place to own real estate.