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As you know, Standard&Poor is publishing Case-Schiller index of house pricing.

Indedx itself is a 3 month moving average, so it is a little lagging indicator. That means, that even if prices stabilize, index will keep falling for additional 1 or 2 months.

In recent speach Alan Greenspan is anticipating, that prices may stabilize before spring 2009.

I have made time series analysis for several indexes.

For example, here is my prediction for SDXR, Composite-20 index:

nov(act.) 209.6

dec(act.) 202.45

jan(act.) 197.45

feb. 192.58

mar. 188.41

apr. 184.65

may. 180.85

june. 177.19

I have used Log Winters method that is pretty stable.

If I compare my predictions with market, for example future contracts, I can see that market is a little less bearish, than I am.