I think the only way there could be a “bounce back” would be if some new financing scheme emerges. If we go back to 20% down as the only way to buy a house it will take a very long time before the market bounces back. There aren’t that many people who have accumulated 20% down payment and are willing to go out and spend it right now. After the carnage, when there is a lot more blood in the street, many people will be even more reluctant to part with their dough.
However…builders, realtors, lenders, etc., may go to the govt. and argue for some new special “scheme” to “jump start” the housing market…so there may be some new program to get people into housing, and that could jump start the cycle.