I would be careful to not be overly negative. And it’s easy to be this way once the ball is rolling downhill like it is. It will stop somewhere.
But one good thing about RE is that it moves pretty slowly compared to many other things.

So a trend is not hard to identify. Volume of homes for sale has to come way down and REO’s have to get off the market as well. Then unemployment needs to get below 6% and RE has to show some verifiable YOY increase in price. Even after all this, it may languish for a while before it really rises again.But at least the trend will be in your favor at that point. When and if it comes.

China and India may put such huge downward pressure on wages and US employment that this may be a long time in coming.