The Case-Shiller Home Price Index projects slow growth in house prices for the next four years or so. The chart below (via The Wall Street Journal) tracks the Case-Shiller Index from 2000 through 2014.

After a slight uptick, the index is projected to decline again by about 1.4 percent this year. The cumulative increase for the next five years is projected to be 10.5 percent -- or about 2 percent a year. This will make up about a third of the total loss (28 percent) from peak housing values in 2006.

This seems like an optimistic scenario -- and one that is highly uneven regionally. This small overall increase will be driven by significant increases in a small number of superstar cities and regions, while prices will continue to stagnate and decline across many more places.

So, if you're thinking about buying a house, there's no rush: You have plenty of time before prices start to tick up significantly. And get ready for a long haul before house prices rebound. In The Great Reset, I point out that it took two and half decades for house prices to recover from the 1929 crash.