Are we seeing the bottom in California or just taking a breather?

Talk about information overload.  Who do you believe and what do you believe?  The media does a great job at looking at specific figures and statistics, but never connects all the dots.  What are you seeing out there Californians?  Earlier in the year I felt that the end was possibly in sight for this down market, but there are rumblings that the banks are about to unleash around 68,000 foreclosures on Southern California alone!  If this is true, I'd expect the market to continue to slide.  Got some insight?