Recently, I replaced my front pads and rotors on my 98 SE, also cleaned and adjusted the rear shoes and drums. Now that the rears are adjusted, the parking brake has some real good tension on it to get it to click, yet my brake pedal still goes down pretty far when I hit the brakes. The car stops okay, but the petal goes down quite far and if I am sitting at an intersection, I can push the pedal all the way to the floor without too much effort.
When I replaced the front brakes, I bled them twice. Left first, right next, then left then right again. There should be no air in the lines and it has plenty of fluid. Any thoughts?