Hollywood Hills Price Trends over the last 8 Years

The above chart shows the change in the average price per square foot paid for homes in the Hollywood Hills over the last few years.
You can see how quickly prices were driven up. In fact prices more than DOUBLED IN FIVE YEARS! This growth was due to seemingly limitless mortgage financing that allowed anyone and everyone to be a buyer. Today that financing is gone, those buyers are gone, and that demand is gone. What and we are now left with is expensive real estate with few able and/or willing buyers. The market has ground to a halt. For this reason many predict, myself included, that prices will fall back to late 2003 or early 2004 levels. Many pockets and many homes have already hit this level and sold for those prices-Mostly bank owned or short sales. This is what has already happened in most other parts of the country that are now hitting the bottom. Our bubble burst late and price corrections are in full swing as of now. Please discuss