If employment doesn't pick up (instead of layoffs)
If mortgage rates do not come down.
If we have a soft landing.

Then house prices could stay up.
And those are mighty big ifs.

My feeling is that major metro area home prices have to drop 50% before things might become stable.

This guy above isn't even factoring in demographics.
Boomers will be completely out of the market in 10 years. That is 25% of the houses, empty.

And the repo people are gearing up for lots of foreclosures.

The homes that will be going up are homesteads. Everything else will be going way down.