From an article today on MSNBC

Metro: Seattle-Bellevue-Everett
What a home will be worth in 2012: $413,966
Q4 2008 price: $395,000
Projected price change by MSA: +4.8%
Projected price change by state: +5.4%

Relatively protected by the presence of tech giant Microsoft and airplane maker Boeing, after a nearly 10 percent drop in 2008, analysts project an 8.7 percent decrease this year, followed by gains.

Real estate is very local.  Other cities won't fare as well.  To see the entire article:

http://www.msnbc.msn.com/id/31446244