I have no idea if houses will continue to slide, rebound or level off, but I am glad they have stopped their crazy rise to the clouds.  My house might now be worth less but I don't care what was happening to our young folks and affordability was just not fair.   Imagine now if your house has dropped $150k from when you bought it in April; that is about 10 YEARS of mortgage payments (assuming a $15k yearly principal pay off).  Insane and I feel for all of them.  The speculators who naively thought the good times would keep rolling, not so much. 

And please G&M can we try and reduce input from the Real Estate Industry as much as possible...I mean is there a less scrupulous business; these people make bankers look honest.    Take a look at your last paragraph and it was clearly designed to push people to buy.....