While it is hard to say with certainty (because it is such a long time out) I believe we are looking at a minimum of 2 to 3 more years in this range and likely 5 years. I expect to trade in a fairly tight range up and down 5 to 10% from where we are.
The unknown is how long unemployment stays elevated and when inflation starts hitting wages. Right now wages seem to be pretty much in line with prices from what I see. Most people can afford to buy in an area acceptable to them it is just the psychology of the market that prevents many from doing so. If buyers had confidence in the economy demand would be alot higher. As it is, there seems to be plenty of demand for every house that I see priced at the market.
