Signal Hill is a nice area with a few issues. At the bottom of the hill is more working class community with older cottages of Craftmans and Spanish Colonial English Tudor, Colonials and Cape Cods. These homes were built between 1920's-1950's. Lots of Small apartments. Further up the hill larger apartment complexes and condos, and several new single family homes built on top of the hill. (After water and Gas tower storage facilities were removed in 1999-2001 with led to a building boom which paralleled the housing boom.)
On Signal Hill's south and west sides are working class neighborhoods of Long Beach so crime maybe a factor. On the North and East sides are middle class area of Long Beach specifically California Heights(North) and Los Altos(East).
I think you should hold on before you buy now since you said home prices has declined.
Schools there are 3 Elementary Schools in Signal Hill which are decent, the same for the middle schools that serve the area most schools are in Long Beach. High School students attend Long Beach Polytechnic High School the City top of the line school in the district.( Note Poly High is in a rough area so be aware!

) Very Good all around school. Academics, Athlethics, fine and industrial arts. Students living east of Redondo Ave attend Woodrow Wilson High School. Another very good school in about every thing.
Hope this helps.