There is an interesting article on realtor.org about what might happen in the housing market in the next few years.

Below is an excerpt and link to the full article.

Underproduction in the past three years may lead to a housing shortage in future years.

By Lawrence Yun | June 2010

In the current market, the idea of a housing shortage may be hard to accept. There are simply too many For Sale signs and delinquent mortgages threatening to turn into foreclosures to make a housing shortage seem like a serious possibility.

http://www.realtor.org/rmonews_and_commentary/economy/1006_economy_housingshortage