by Calculated Risk on 10/16/2008 12:30:00 AM

From Vikas Bajaj at the NY Times provides an overview: Home Prices Seem Far From Bottom

Home prices across much of the country are likely to fall through late 2009, economists say, and in some markets the trend could last even longer depending on the severity of the anticipated recession.

In hard-hit areas like California, Florida and Arizona, the grim calculus is the same: More and more homes are going up for sale, but fewer and fewer people are willing or able to buy them.

Yes, house prices are still too high.