re: Housing market gurus - we've only just begun?

My phrase meant a very large increase in inventory in an already over saturated market leading to housing values plunging to prices well below today's value. it also meant that an escalation in defaults could also lead to another banking crisis.

I would imagine places like Phoenix cannot fall much below record lows since they were ground zero for this, but homes in LA can still fall much further.

All that being said, I posted b/c I suck at finance and was interested in knowing if this data means much or if it is just another shot in the dark.