Where is housing headed?

Now that housing has crashed and appears to have bounced off the bottom, what's next? It's clear that everyone seems to have a different opinion (Including me) about where housing is headed next.

There are two strong camps of opinion and both make pretty good sense. The Bull Market theory touts that it can't get any worse and now is the time to start moving forward.

"This is probably about as bad as it gets -- we are far closer to the bottom," said John Norris, managing director of wealth management with Oakworth Capital Bank in Birmingham, Ala. "Housing numbers should stabilize going forward." ...Norris conceded that he doesn't think home sales or prices are going to take off dramatically. He said that the best investors and buyers can hope for is slow, steady improvement in coming months. Read more from The housing head fake, part 362 by Paul R. La Monica on CNNMoney.com.

The other side of opinion declares that no one has a clue how bad this really is. The story kind of goes like this: AAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHH SPLAT.

The "Life sucks we are all going to die" mentality really bugs me. Great things come from great debate and right now the debate is making our market stronger. The problem is that we can't see it yet.

If you are waiting to sell your home until next year in hopes that you will make more money on your home, keep waiting. If you really want to wait, then wait until 2013 or even 2014. The problem with waiting is that you will miss out on the low rates and soft prices of today's market when you buy.

When Raleigh goes back to work, we will recover. However, there is a catch to my opinion: How many people will be underemployed when the storm is over? Unless everyone goes back to work making the same or better, we will continue to see foreclosures and short sales play a role in local housing prices for the next couple of years, thus keeping downward pressure on home prices.

Any thoughts?