Below is an article that CRS recently published in their member newsletter:

Economists Project Improving Housing Market Two top housing economists provided some encouraging news about the housing market during an economic session at the NAR Midyear Legislative Meetings and Expo this week. Both NAR chief economist Lawrence Yun and Moody’s Economy.com chief economist Mark Zandi agree that job creation is the key to a sustained economic and housing recovery, with job creation expected later this year, but they differed on their views about how foreclosures will impact home prices. Yun says the homebuyer tax credit added 1 million buyers, reduced inventory by 1 million units and reduced the housing supply by several months, which corresponded to a positive impact on home prices of 5 percent to 8 percent. “Stabilizing home prices will limit future foreclosures,” says Yun. He predicts slightly stronger demand for housing and a fairly even level of foreclosures entering the pipeline this year before easing in 2011. “We expect distressed sales to account for 30 to 40 percent of transactions for the remainder of this year,” he says. Zandi also forecasts improved demand for housing, but expects foreclosures to rise later this year before easing in 2011. He also says home prices may weaken further. “There will be no real price growth in 2010 or 2011. Whether home prices weaken is unclear, but it will take two more years to work off excess housing inventory at the current sales pace. Of course, if demand picks up, it would take less time for prices to rise,” Zandi says. Fri, May 14, 2010.

They also reported that foreclosures were down during the Month of April, 2010 which further supports this news.