I think we have to wait till election time next year to see the direction the housing market goes. As it now its seems it shall be the same. The inventory of homes has not grown that much as couple of years ago. But unless we are get rid of short sales we have to see a slow market for next 2-3 years.
There is a good bargain for buyers in terms of historic low interest rates like for 30-years fix loan its 4.25 % APR.
So overall I think it will be slow but shall not fry down the price like 2008.