I would like to echo what Ray and Fisher allude to above, and let me preface my comment by saying I know little to nothing about the real estate business.
It seems there is a keen interest as to when we hit 'the bottom' as if there is an implied expectation that once the market touches that magic mark, it will be back up, up, up like a rocket;those who don't buy this time will have either missed the boat (again) and be left to lament or will suddenly buy something in a 'better late than never' mindset.
Again, naive as I might be, I can't imagine that property values will do anything other than remain level for a long time. There certainly isn't any evidence that I can see to believe that the engine for another boom is being primed to fire-up again. God help anyone who actually desires another bubble, by the way.
All in all, I think a long period of stability is in order for our corner of the world. Time is the tincture that discourages those who view real estate as a get rich quick scheme. Downtime also allows for the further attrition of realtors who had no business getting involved in the first place, and there are still more than a few out there hanging on by their fingernails hoping that the boom money in the bank lasts until the bubble starts to expand again.
My hope as someone who lives here year round, and plans to do so for a long time, is that in ten years or so we have people who will have bought property for the right reasons (ie will be good owners be it part or full time) and a community of real estate professionals who enjoy a lucrative career by utilizing local expertise instead of just showing up to make a buck.