Collapsing prices in Santa Ana

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There’s an excellent piece in the Orange County Register documenting the collapse of real estate values on a street in Santa Ana where sub-prime loans helped inflate prices and create a bubble that has clearly burst.
A couple of examples:
--937 W. Camile St. sold for $591K in January 2006, is now on the market for $420K -- a 29% drop;
--920 W. Camile St. sold for $565K in November 2005, is in escrow for $449K -- a 20% drop.

Who were the buyers? People like Angelita Medina Albarran, a 47-year-old a garment worker who got 100% financing -- two loans for a total of $600K.

Thoughts? Comments? Insights?