"I don't know why you keep posting to CA where you don't know anything about CA real estate in any way. Tsk Tsk..."
the tsk , tsk was amusing, in a childish sort of way.........but - show me where I gave any state-sensitive advice?
You need to read and understand what is being asked Sheryl!
This is a generic type question.........and one that no one - even you, a mortgage broker, not a Realtor, can answer with any definitive response.
It's conjecture........an opinion............unless you have a crystal ball, in which case, I'd like to borrow it on my way to Las Vegas.
Oh, and I ditto what Joe said.
Your question asks what others think the housing market will be like in 3 years........
no one knows
Make decisions based on what your personal situation is today....
1. can you buy a home now - do you have the income, credit and down payment needed?
2. do you want to buy a home now - do you have the desire to own a home, or is renting more appealing to you?
3. is your life/work stable enough to buy at this time? - do you see yourself in the same place/city for some years to come?
So - .just out of curiosity - Why are you concerned with 3 years from now?