According to Global Insight and National City Economics The IE is still 33% overvalued even though the combined median (Riv/San Berdu) is down to $303k. An additional 33% drop would put our median at $203k (that's even lower than I thought it should be). The last time that this survey thought the IE was fairly valued was in the first quarter of 2003 when the median price for the IE was $189k. We peaked in mid 2006 at 63% overvalued.
You can read the methodology they used to compile this report on their site as well as the excel spreadsheet with the numbers