Housing Market – Years to correct?

Last week’s new home sales report has folks talking again about the state of the housing market.  Here is a link to a quick video and article on the topic:  http://finance.yahoo.com/blogs/daily-ticker/housing-market-sucks-could-years-correct-20110324-080754-787.html

A quote from the article:
But all the negative housing numbers this week have some contrarians wondering: Have we hit a bottom? Gary Shilling, of A. Gary Shilling and Co., says, “no.” He told The Daily Ticker earlier this week that prices have another 20 percent to fall and that prospective buyers should hold off for a while.