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Housing market is a mess right now. But house prices are still expensive. I believe we have ways to go. And this article, Home Prices Keep Falling, Prolonging Financial Crisis, supports my view. Here are a few excerpts...

"It looks to us that at least one half of the peak-to-trough price decline has already occurred and that we should see an outright bottom either late next year or in the first part of 2010."

"If prices were to moderate back to where they were relative to income in the mid and late 1990s, the S&P/Case-Shiller 20 City index would have to decline 35.1 percent in total compared with its 17.5 percent fall thus far."

"Regardless of which index you believe, the important measure is that we are only 50-60 percent of the way down."

Reference
Home Prices Keep Falling, Prolonging Financial Crisis, CNBC.com article