When does everyone think the market will start dropping and for how long?

I work in the San Diego Market, and we haven't seen any sales comps yet to support depreciating prices. I believe that since interest rates are still extremely low, that is the only thing that is still driving this uncertain market. A lot of my investors I have worked in the past have stopped looking for deals, but the big, big players in our market are still bullish and looking for under market deals. 

There have been some sharks who have written lowball offers on some of my listings, and other agents in my office's listings as well, but we think it's still premature.

When will the impact of record unemployment, bankruptcies, loss of revenue, etc. be felt?