We see no evidence that a recovery in home prices has begun
David Blitzer, chairman of the index committee at S&P

The housing market still has somewhat of a ways to go before it completely bottoms. Prices I think still will fall a little bit further.
Celia Chen, an economist at Moody’s Economy.com

There are very few V-shaped recoveries in the history of real estate, and this one is likely to be even slower because of the size of the bubble.
Robert Shiller

History suggests that new-home sales bottom long before unemployment peaks, and perception of the economy starts to improve long before we see actual economic improvement. This time around we don’t know if that will hold true.

…If you are looking at prices relative to income and rents, you could argue that we are at the bottom, and I’m cautiously optimistic that we may be. It’s possible, however, that we could have a second wave of foreclosures and the very small amount of support the economy might have gotten will turn into the reverse.
Thomas Lawler, former Fannie Mae economist

-Year over Year – Composite 20 is down 18.7% for March 2009
-Both Arizona and Las Vegas have declined at least 50% from the peak
-San Francisco and Miami have both declined more than 45% from the peak
-NYC is down 2.5% Month over Month, 12% Year over Year, and 20% from the peak
-NYC hit its 33rd month of declines from the peak, which matches the Composite 10. Declines through June would mark the 3 year anniversary of Month over Month declines
-Boston has faced 42 months, or 3.5 years, of declines
-Charlotte, Portland and Seattle have faced the shortest period of declines, with 19 months