When do you expect the housing market to hit bottom?

Bank of America Chief Economist Mickey Levy told Bloomberg Television that he expects housing prices to continue to decline. “The decline in home prices, while necessary to clear the inventories, is building in expectations of more house-price declines, which is keeping potential buyers on the sidelines.”

I don’t think anyone is arguing with levy but everyone questions when the declines will reach bottom. Most estimates I’ve heard range from 12-18 months. What do you think? When do you expect the housing market to hit bottom? Is real estate better than stocks right now?

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