Bubble's pop was akin to a slow leak - US

Home sales tumbled in 2006, but prices mostly dipped. Even so, don't expect a boom soon.
By Kenneth R. Harney, Washington Post Writers GroupJanuary 7, 2007

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"WASHINGTON — What's the shape of the post-bubble, post-correction real estate
market? And what does it mean for buyers and sellers in the new year?"

"All of this suggests that the 18-month market correction that followed
the four-year housing boom has just about run its course. From a national
statistical perspective, we're somewhere near slack tide — but no one's looking
for another frothy high tide anytime soon. " Full Article

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This is a good article that seems to be unbiased. The author is under the impression that the housing downturn is over in the US.

I think it is too soon to tell. The Spring usually brings on more inventory and this will lead to more supply. If demand doesn't increase then there will be more erosion in the US housing market.