according to Kipplinger (May 2008)....

A little good news to make buyers and sellers feel at ease...according to Kipplinger, the Southern California region will add 1 Million residents in the next seven years, overcoming its current housing-driven slump. Most of the growth will come from people migrating from more costly bordering counties. This will probably shore up values around Los Angeles, giving this immediate marketplace a very strong foundation, especially coupled with the fact that housing starts are down and will take time to get going again (less supply), and the finance markets will eventually strengthen and stabilize.