West part of valley sells for early 2004 levels

Here is a property in a nice part of Woodland Hills.
24840 EILAT ST, 91367

May 22, 1998 $510,000
May 21, 2004 $1,075,000
Sep 21, 2006 $1,525,000
Feb 29, 2008 $980,000

btw: Zillow Zestiamate: $1,300,000 (about 25% off)
If you know the area, zillow is "estimations" are about 20% more than the property is/will sell for.

As you you can see, the house was sold for LESS than its price in May 2004.
If you divide the "appreciation" from 1998 to 2004, $980,000 is just about price somewhere in 2003.