"Across the country, home values fell 15% to 60%, peak to bottom, depending on the area and how badly it was affected by foreclosures — most of San Francisco go

"Across the country, home values fell 15% to 60%, peak to bottom, depending on the area and how badly it was affected by foreclosures — most of San Francisco got off comparatively lightly with declines in the 15% to 25% range." In SF, the bubble was effectively flattened. Other areas saw loss of value beyond pre-bubble prices. Quote from one of many available sources, this one comes with graphs: http://www.maureenterris.com/?p=2557 http://www.maureenterris.com/?p=2557 SF/Silicon Valley was insulated against the rest of the country's housing crisis largely due to its strong tech sector, which didn't suffer the recession as severely. I don't know about people using pre-IPO stock to get loans, but the connection is less tenuous than you might expect.