Prices are only 2.4% and 1.9% above their post-bubble lows for the 10 and 20-city NSA Composite respectively.  

Demand has stabilized but remains very tepid and a wave of foreclosures will come next year.  It’s now all about guesstimating how deep the double-dip in housing prices goes.  Confidence in banks’ mark-to-fantasy balance sheet may come under increased scrutiny in the quarters ahead.