Here's a pertinent article from the New York Times.
http://www.nytimes.com/2008/08/09/business/economy/09bargain.html?_r=1&adxnnl=1&oref=slogin&adxnnlx=1218541392-1pF1nJM7MPn8jawqk0ncjg
Key paragraph:
?I try to avoid house price forecasting,? said Paul S. Willen, senior economist...