It is not , nor will be back . Just my guess, the real slides are going to start soon .....
The housing situation is fucked up in so many ways.
The next in line to be first time buyers--late-blooming Gen-Xers, Gen Y, Millenials--are financially ruined. They are five feet under in debt and their job prospects are rotten. In addition to their horrible personal finances, they have to deal with all the government, state, county, and city level debt their gluttonous boomer parents racked up.
They're also facing the braindead Fed policy of artificially inflating housing prices through rampant, irresponsible credit-based inflation. i.e. their first time price is going to be inflated a good 20% to 200% to keep the boomers whole.
Ok and after all that, the housing _inventory_ itself sucks. Why? It's all ten bedroom "luxury" McMansions that were cranked out factory style (lots of mistakes and low quality construction)! These homes will be a bitch to heat, cool, and maintain. Oh and don't forget those HOA fees!
Lastly, the interest rate is at zero percent. Great for sellers who bought at a higher rate, sure! But that interest rate, which is at 0% now, can only go up. That means when these buyers flip 5 or 10 years down the line, odds are that increased rate will eat into their selling price.
To summarize: huge amounts of debt, grossly inflated prices, interest rates that can only increase in the long run, poorly constructed and unsuitable housing stock. Just fuck it and build a yurt: