A new study from Harvard's Joint Center for Housing Studies says the U.S. housing market is likely to keep slumping for a long time. Here's coverage from the Washington Post. That makes sense to me -- to have a speedy turnaround, you'd really need to have a speedy crash and that goes against the psychology of the whole enterprise. I believe the way these things usually work is that nominal prices stagnated for a while, allowing real prices to fall (and especially allowing real prices to fall as a share of household income) over time without people engaging in steep price cutting.

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