According to this article in the Wall Street Journal, economist have high expectations that the residential market will pick up in the spring.
JANUARY 13, 2011
By DAWN WOTAPKA And S. MITRA KALITA
ORLANDO, Fla.—Housing economists expect the troubled residential market to begin picking up in 2011, with low mortgage rates and bargain home prices boosting sales in the spring selling season.
The economists, who delivered their forecasts on a panel at the National Association of Home Builders’ annual meeting here, noted the market remains extremely weak, prices are still falling, and they don’t expect any recovery to be robust. But they said a number of recent economic indicators have convinced them that housing sales, which have stalled lately, could soon begin to recover.