Housing price is mostly psychological.

Currently there are a lot people (1st time buyers and RE investors) holding cash and waiting for the housing bottom (there are much more of those people than laid-off workers). Once the RE price starts to show a little sign of recovery, a lot of people will jump in. People know this is a once in a life time opportunity to buy RE (just not sure if it's this month or next month), and once RE starts to take off, it will never look back. There is a lot of momentumn out there - it just needs a bit of positive sign to be ignited.

Don't tell me you are not of those people waiting there, holding your breath, hoping that once RE starts to turn around, it won't run too fast - that you still have a chance to catch that flying train.