Put into today's context, the boom that preceded the "great recession" that we have been muddling through the past several years was an economic boom of fantastic proportions, so it would make sense that the bust that follows is somewhat equal in its extent as the economy works out the kinks and problems that got us to where we stand today.
In 2012 we are now 5 years beyond when the correction and recessionary phase first began. This is a long time, but after a 10 year boom, the economy needed email list just as substantial a bust to bring the fundamentals to a more healthy position in order to move forward into the future for the economy and housing market as well.
I am not saying that we have been in a recessionary period long enough, so we ought to be looking better soon just because. I am taking the historical context of our past and applying it to the situation we find ourselves in today and it does make sense. Further, we are seeing gains in consumer confidence, as well as reductions in unemployment. We have continued to grow as a population over the past couple years without adding much at all to the supply of homes.