Predictions on end of housing slump

Please submit your opinion on when you think the downward spiral of house prices and the default rate of loans on real property will bottom out. Considering prices are reaching levels associated with 2003 when the bubble most likely started it’s rapid inflation, I think the bottom is near and will be reached later this year or in 2009. In some situations I am seeing prices return to early 90’s levels. Is it possible that 18 years of price appreciation in home value will be erased in a few short years? Perhaps. But not likely.