Great article regarding the state of the housing market

[Irvinecommuter]

(Reuters) - The worst U.S. housing crisis since the Great Depression has been declared over. But is it?

What some of Wall Street's forecasts for a recovery may be underestimating are tectonic shifts in the U.S. economy that make the housing market a different place from a decade ago.

Record levels of student debt, 15 years of flat incomes and the fact that nearly half of homeowners are effectively stranded in their houses look likely to weigh on prices into the indefinite future.

http://news.yahoo.com/analysis-u-housing-market-recovery-lost-decade-120215809--business.html

Personally, I think it will take about 5 years for the housing market to go back to where it was in 2000-2001.  Stagnant prices for the next 5 and then about 2-4% growth annually thereafter.

Will be very interested in the what the new mortgage/foreclosure regulations in California will do to the process