Prices are down nationally 5.8% from their peak in Oct 2010. So who is more correct, the bulls predicting price rises, or the bears predicting price falls?
Most bears quantified their beliefs in % terms only when asked by bulls for specific time frames accurate to the month, in some lame attempt to later discredit them. The people who have that kind of nouse make millions and billions from it. FYI - about 19 people in the USA.
You are also looking at one to two years worth of prices. Since when does property crash 40% like stock markets in the space of a few months? Most bears making those more "extreme" forecasts did so on 5 - 10 year time horizons.
I myself FAVOURED (or envisioned if you prefer that term) a scenario of 15-30% REAL price declines over a period of 5-8 years, or possibly as long as 10. It's been two years and we are down 5.8% nominally.
Property may go up in 2013 if rates keep falling, but it's not going to be by much, and if it does it's going to give it back when rates rise.
