This is a well rounded post that depicts the current state of the housing market and the possible scenarios in the coming years.

I think that's the situation that most markets have fall into. There was a lot of demand in the past few years so producers ramp up their supply to match the demand only to find out that the demand has fallen just as fast as it has risen. It will take quite some time for the demand to rise again and the current economic condition isn't helping much.